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Futures Movers: Oil prices rise due to trouble at Libya’s oil ports

Oil prices rallied on Monday, after Venezuela said a deal to stabilize the global oil supply is imminent between nations inside and outside the Organization of the Petroleum Exporting Countries.

Futures also climbed on news that military conflict in Libya had affected the African country’s oil exports over the weekend.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October CLV6, +1.58% jumped 61 cents, or 1.4%, to $43.63 a barrel, while November Brent crude LCOX6, +1.29% on London’s ICE Futures exchange rose 48 cents, or 1.1%, to $46.26 a barrel.

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