Global crude oil price rise despite rising Covid-19 surge. Here’s why

Global crude oil prices increased on Tuesday despite rising coronavirus cases in some parts of the world including India. Here is all you need to know:

Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited gains. Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. Hariga is scheduled to load about 180,000 barrels per day (bpd) in April. Brent crude was up 16 cents, or 0.2%, at $67.21 a barrel by 1107 GMT after hitting its highest since March 18 at $68.08. U.S. West Texas Intermediate (WTI) crude gained 34 cents, or 0.5%, to $63.72.