Oil prices rise after unrest in Libya

Fighting around Libya's key crude oil ports at the weekend led to prices for the commodity creeping higher on Monday.

Clashes in the country and an announcement from Venezuela about a deal to stabilise markets pushed Brent crude futures to $46.32 per barrel, up 55 cents from their previous settlement.

The Petroleum Facilities Guards and the Libyan National Army had been disputing the Sidra and Ras Lanuf ports over the weekend, as oil traders looked on.

Production of oil in the country currently stands at around 300,000 barrels per day, and reports suggest that could be increased if ports are open and secure.

Meanwhile, Venezuelan president Nicolas Maduro also said that a deal could be imminent between members of the Organisation for Petroleum Exporting Countries and non-OPEC countries.

"We had a long bilateral meeting with [Iran’s president Hassan] Rouhani. We’re close to a deal between OPEC producer countries and non-OPEC," Maduro told a news conference.

Venezuela's economy is reliant on oil revenue for growth and has been stymied by the falling prices of oil.