The price of Brent crude increased above $84 a barrel today amid supply disruptions in Libya and the weaker US dollar.
Reuters reported that Brent crude for December increased to $84.39 per barrel, while US crude rose to $79.35 per barrel.
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Exports at the Hariga oil port in eastern-Libya came to a halt on Saturday due to protests by state security guards over unpaid salaries.
The US dollar has dropped 0.3% against a host of currencies on Monday, supporting oil prices.
Reuters reported that forces in Ukraine shelled the pro-Moscow stronghold of Donetsk on Sunday, keeping an already weak cease-fire under further pressure.
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The increasing tensions in Ukraine may disturb Europe’s gas supplies from Russia, which may potentially increase the demand for oil.
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By GlobalDataHowever, weak economic data from China offered resistance to current oil prices.
The Chinese National Bureau of Statistics said that consumer inflation in the country remained at a near five-year low in October due to sluggish demand.
The Organization of the Petroleum Exporting Countries (OPEC) did not give any indications as to whether it will be reducing its output at its meeting on 27 November, due to be held in Vienna, Austria; OPEC has previously reduced production at times of abundant supply.
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