Oil price rises to US$60 on concern over Libya supply

London

BRENT crude oil rose to US$60 per barrel on Monday, supported by concern over a disruption to exports from Libya, but a global supply glut kept prices nearly 50 per cent off their peak for the year.

A fire caused by fighting at one of Libya's main export terminals has destroyed 800,000 barrels of crude - more than two days of the country's output, officials said, amid clashes between factions battling for control of the nation.