RIYADH: Oil prices rose on Tuesday as investors fretted over tight global supply after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries. Brent crude futures rose 61 cents, or 0.5 percent, to $113.77 a barrel at 0349 GMT, while US West Texas Intermediate crude futures gained 33 cents, or 0.3 percent, to $108.54 a barrel. Crude bumps up Halliburton profits Oilfield services firm Halliburton Co. posted an 85 percent rise in first-quarter adjusted profit on Tuesday as a rally in crude prices boosted demand for its services and equipment. Halliburton said margins in its Drilling and Evaluation division eclipsed 15 percent in the first quarter for the first time since 2010, despite weather and supply chain disruptions. The company anticipates the supply chain issues that have plagued the industry since demand rebounded from coronavirus-related lockdowns to continue. Halliburton also recorded a pre-tax charge of $22 million in the quarter for the write-down of its assets in Ukraine due to the ongoing conflict. The Houston, Texas-based company’s adjusted net income was $314 million, or 35 cents per share, for the quarter to March 31, compared with $170 million, or 19 cents per share, a year ago. Analysts had anticipated earnings of 34 cents per share for the first quarter, according to Refinitiv IBES. Developments in Libya and China behind the price rise Both benchmark contracts rose more than 1 percent in the previous session after hitting their highest since March 28 after Libya said it could not deliver oil from its biggest field and shut another field due to political protests. The latest supply hit came just as fuel demand in China, the world’s largest oil importer, was expected to pick up as manufacturing plants prepared to reopen in Shanghai. Demand concerns remain, however, as China continues to impose tough curbs to contain COVID-19 outbreaks. Petrobras to sell stake Brazil’s Petrobras on Monday started the binding phase to sell its subsidiary’s 20 percent stake in Texas-based MP Gulf of Mexico LLC, which owns offshore fields in the region. Potential buyers classified for this phase will receive a letter with instructions on the divestment process, Petrobras said in a securities filing. Murphy Exploration & Production Company owns the remaining 80 percent stake in MP Gulf of Mexico. Russia, Algeria join hands in a crucial move Algeria President Abdelmadjid Tebboune (File/AFP) Russian President Vladimir Putin and his Algerian counterpart Abdelmadjid Tebboune held a phone call during which they confirmed their plans for further coordination at the OPEC+ group of leading oil producers, the Kremlin said on Monday. They also agreed to continue cooperation at the Gas Exporting Countries Forum “in the interest of safeguarding stability on the global energy markets,” the Kremlin added. Putin and Tebboune also discussed the situation in Ukraine, according to the Kremlin. (With inputs from Reuters)