Oil prices rise to 2019 high as Libya civil war threatens supply - business live

[nitpicker]

https://www.theguardian.com/business/live/2019/apr/08/oil-prices-high-libya-civil-war-brexit-sterling-business-live

Oil prices rise to 2019 high as Libya civil war threatens supply – business live

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Introduction: Oil prices hit highest this year

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The start of 2019 was marked by fears that a long-expected slowdown in the global economy would finally come around, weighing on oil demand. However, supply constraints have sustained prices, with futures for the Brent crude benchmark back above $70 per barrel at the start of the week.

Futures prices rose by 0.5% to a high of $70.78 early on Monday as traders priced in lower output from Libya, where fighting in the long-running civil war has escalated, threatening the United Nations-backed government in Tripoli.

The Libyan instability coincided with relatively strong US jobs data on Friday, supply cuts from Opec, the oil-producing nations’ cartel, and sanctions on Iran and Venezuela.
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