Brent crude futures for July were up US$1.32, or 1.2%, at US$110.43 a barrel at 0700 GMT, after falling by more than US$1 earlier in the session
Brent crude futures rose 88 cents, or 0.8%, to US$108.47 a barrel by 0639 GMT after gaining 2.1% in the previous session
Oil and gas condensate production at the world’s No. 2 exporter fell to 11.01 million barrels per day (bpd) in March, from an average output of 11.08 million bpd in February, industry sources said
Sanctions come at a time that OECD crude inventories were already well below their 5-year average.
Prices had sagged in previous session on news that oil inventories in the US climbed by 4.3 million barrels in the week to 11 March to 415.9 million barrels
Crude oil production from Libya’s largest oilfield, El Sharara, has been suspended after the Hamada valve was closed by an unknown person or persons
Brent crude rose 11 cents, or 0.01%, to $96.95 a barrel at 0730 GMT, after soaring as high as US$99.50 on Tuesday, the highest since September 2014.