Escalating violence in Libya helped oil prices advance towards $60 a barrel on Monday. The expanding seven-month civil conflict in Libya, an Opec member, has caused traders to refocus attention on the geopolitical risks and potential impact on supplies and exports. More On this topic IN Commodities Libya, which holds Africa’s largest oil reserves, has seen production drop from as high as 900,000 barrels a day in October to around less 400,000 b/d because of the most recent fighting. “A new wave of unrest in Libya resulted in crude oil production falling to some 350,000 b/d according to official statements,” said analysts at JBC Energy, a consultancy. “This is some 300,000 b/d less compared to our . . . estimates for average crude output in November.” ICE February Brent, the international oil marker, rose 59 cents to $59.90 a barrel, while Nymex February West Texas Intermediate, the US benchmark, added 59 cents to […]