Wednesday, October 27, 2021

Crude oil prices jump above $65

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Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.

Brent crude futures on Tuesday, the international benchmark for prices of crude, were at $
65.07 dollars a barrel at 0211 GMT.

U.S. West Texas Intermediate, WTI, crude futures were at 58.21 dollars a barrel.

Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,000 barrels per day (bpd), shut down on Monday after cracks were revealed.

“The market reaction shows that in a tight market, any supply issue will quickly be reflected in higher prices,” said ANZ bank.

READ ALSO:   NNPC commiserates with victims of Lagos petrol tanker fire incident

The jump in Brent prices widened its premium to WTI prices, making U.S. oil exports more attractive.

 

NAN

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