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Futures Movers: Oil prices rise as supply worries take the spotlight

Oil prices climbed Tuesday amid uncertainty over the duration of supply outages in Libya and falling inventories in North America, even as Saudi Arabia and Russia pumped more crude into the market.

Brent crude LCOU8, +1.09% the global oil benchmark, rose 0.9% to $77.95 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLQ8, +1.23% were trading up 1% at $74.85 a barrel.

Major oil ports in Libya have been shut due to an armed struggle that has removed 850,000 barrels a day from the global oil market and boosted prices.

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