Oil prices have remained stable after marginal improvement in the last two days as armed conflict at Libya continues to disrupt its production and supplies.

Brent crude oil LCOc1 remained unchanged at $52.42 a barrel, while US light crude oil CLc1 grew 5 cents to be traded at $49.56 per barrel, reported Reuters.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

A day earlier, both these oil benchmarks climbed more than $1 per barrel to touch their highest price in the last two weeks.

As armed protesters block the Sharara and Wafa oilfields in Libya, oil production in the country has fallen by more than 250,000bpd this week.

This significant reduction in Libyan oil output along with the ongoing output-cut by OPEC countries tightened global oil supply and improved its prices.

See Also:

"As armed protesters block the Sharara and Wafa oilfields in Libya, oil production in the country has fallen by more than 250,000bpd this week."

A survey conducted by this news agency showed that combined output by the OPEC countries reduced for three consecutive months in March and the members have now complied with nearly 95% of their commitments under the output-cut deal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The impact of this production curb was largely ineffective due to rising US production during the same time.

The Energy Information Administration (EIA) stated that US crude stocks increased by 867,000 barrels to touch a record of nearly 534 million barrels in the last week.

Currently, investors are awaiting as OPEC may decide to extend the production cut beyond June this year.

Along with the OPEC members, multiple non-OPEC oil exporting countries including Russia also pledged to reduce their output. However, the compliance level among the non-OPEC nations has been limited.