WASHINGTON (dpa-AFX) - Oil prices rebounded from recent losses and settled sharply higher on Thursday on supply concerns amid reports Libya has shut off production and halted exports at several ports, as well as on news about Iraq's plans to reduce oil output next month.
West Texas Intermediate Crude oil futures for October ended higher by $1.39 or about 1.87% at $75.91 a barrel.
Brent crude futures were up $1.32 or about 1.7% at $78.90 a barrel a little while ago.
According to a Reuters report, close to 700,000 barrels per day of production in Libya was shut off Thursday. According to consulting firm Rapidan Energy, production disruptions in Libya would total nearly 1 million bpd and last several weeks.
Reuters also reported, citing a source, that Iraq plans to reduce oil output from 4.25 million bpd in July to about 3.9 million bpd in September.
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