Oil prices edged up on Tuesday on rising concerns about an oil shortage amid supply disruptions in Libya.
The West Texas Intermediate for August delivery increased $0.20 to settle at $74.14 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery was up $0.46 dollar to close at $77.76 a barrel on the London ICE Futures Exchange, Xinhua reported.
Libya declared force majeure on exports from its two critical ports which together handle about 850,000 bpd of oil shipments, according to Reuters. Oil producers declare force majeure when forces beyond their control disrupt oil supplies.
A weaker US dollar also made the dollar-priced commodity more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major peers, decreased 0.25 per cent to 94.636 in late trading.
