Oil Rises Nearly 2% on Tightening Supplies from Libya, Iraq

OIL PRICE - Oil prices rose by more than a dollar a barrel on Thursday as supply disruptions in Libya and plans to lower output in Iraq raised concerns of a tightening market.

U.S. West Texas Intermediate crude futures were up $1.35, or 1.8%, to $75.85 a barrel by 12:01 p.m. EDT (1601 GMT). Brent crude futures were up $1.07, or 1.4%, to $79.72 a barrel.