Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the Opec member to be cut to a trickle.

Brent crude futures were up by 74 cents, or 1.1%, to $65.59 by 3:31am GMT, having earlier reached $66.00 a barrel, the highest since 9 January. The West Texas Intermediate contract was up by 58 cents, or 1%, at $59.12