libya-oil-rig.jpg (Photo : CNBC.com)
After dropping for the previous two sessions, oil prices hiked on Monday amid worries about supply from Libya, Reuters reported.
One of Libya's export terminals was destroyed through a fire caused by a fight over the control of the nation, and extinguished 800,000 barrels of crude oil. It is more than Libya's production worth of two days, officials said.
Jonathan Barratt, Chief Investment Officer at Sydney's Ayers Alliance, disclosed that the OPEC member country certifies a risk premium among other issues.
"Oil is at a level where people are happy to build in a risk premium," Barratt said.
Brent crude went up 37 cents at $59.82 around 0302 GMT after it hit $60.40 in the early part of the day. Benchmark settled down at 79 cents at the earlier sessions.
US crude however shoots 57 cents to $55.30 after it closes at $1.11 down in thin trade last Friday. It went highest at $55.74 at the earlier trade on Monday.
Singapore's Phillip Future analyst Daniel Ang is expecting Brent to remain at $60 a barrel and the US crude to trade around $55-56 a barrel for this week.
Oil prices get its upkeep from China and Japan traders and plans to boost liquidity.
Since China foresees a growth in their economy by 7 percent come this year 2015, a little lesser than the forecasted 7.3 percent, the People's Bank of China intends to loosen the loan to deposit ratios from banks starting 2015.
The Japanese government on the other hand has approved to spend $29 billion in aid to the country's struggling areas and house holds with subsidies, product vouchers and other, with hopes to improve the GDP by 0.7 percent.
