Crude oil futures ended 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. According to a Private report, close to 700,000 barrels per day of production in Libya was shut off Thursday. Production disruptions in Libya would total nearly 1 million bpd and last several weeks. Meanwhile, Iraq reportedly plans to reduce oil output from 4.25 million bpd in July to about 3.9 million bpd in September.
Benchmark crude oil futures for October delivery rose $1.39 or about 1.87 percent to settle at $75.91 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $1.29 or 1.64 percent to settle at $79.94 a barrel on London's Intercontinental Exchange.