Oil rises as Libya outages add to Russia supply fears | Reuters

Oil rises as Libya outages add to Russia supply fears | Reuters

Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis, offsetting worries over slowing Chinese demand.

Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday warned "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.

"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.

Brent crude , the global benchmark, rose $1.24 to $112.94 a barrel by 11.19 a.m. EDT (1519 GMT). Earlier in the session, the contract rose to $113.80 a barrel, its highest since March 30.

U.S. West Texas Intermediate rose 85 cents to $107.80 a barrel. The benchmark hit $108.65 a barrel, also the highest since March 30.