Oil Highest Since 2014

Oil Highest Since 2014
Oil Highest Since 2014

Oil prices rose for a fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the UAE.
Brent crude futures rose 39 cents, or 0.5%, to $87.90 a barrel, adding to a 1.2% jump in the previous session, Reuters reported. 
The benchmark contract climbed to as much as $89.05 earlier in the session, its highest since Oct. 13, 2014. 
WTI crude futures climbed 64 cents, or 0.8%, to $86.07 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to $87.08, its highest since Oct. 9, 2014.
Turkey's state pipeline operator said it put out a blaze following an explosion that cut oil flow at the Kirkuk-Ceyhan pipeline, adding that it would be operational "as soon as possible".
The cause of the explosion is not known.  
The pipeline carries crude out of Iraq, the second-largest producer in OPEC, to the Turkish port of Ceyhan for export.
The loss comes as analysts are forecasting tight oil supply in 2022, driven in part by demand holding up much better than expected as the highly contagious Omicron coronavirus variant spreads, with some predicting the return of $100 oil.  
Concerns over Russia, the world's second-largest oil producer, and the UAE, OPEC's third-largest producer, are adding to the supply fears.

Add new comment

Read our comment policy before posting your viewpoints