Oil rises in price on hunting background of profit after Brexit
LONDON (Reuters) – The price of Brent crude oil has exceeded the level of $ 48 a barrel on Tuesday as investors took advantage of a two-day decrease in quotations, provoked by the decision of the UK to withdraw from the European Union.
The probability of a strike at a number of Norwegian oil and gas fields, which can reduce the production of the largest producer in Western Europe, also supported the quotations on Tuesday.
By 15.06 GMT, futures for Brent increased by 2.44 percent to $ 48.31 per barrel.
Futures for WTI crude oil at this time strengthened by 2.61 percent to $ 47.53 per barrel.
Genscape reported that oil inventories at the distribution center in Cushing, Oklahoma, fell 1.3 million barrels and supported, said PVM.
"Oil recovers on background hunting for a bargain purchase after falling below $ 47 per barrel of proved short-lived, and also because of the news of the possible strike in the Norwegian oil and gas industry", – said Carsten Fritsch of Commerzbank (DE: CBKG).
Over the previous two sessions of oil slowed down more than 7 percent, dropping to lows of seven weeks since the vote for Brexit weakened investors‘ appetite for volatile commodities such as oil.
The strike in Norway, which may begin on Sunday, will be added to a number of other supply disruptions in-oil producing countries, including Nigeria.
However, the news that a successful ceasefire in Nigeria helped to repair the pipelines, pressure was put on the market, analysts said ANZ Bank.
Oil production in Nigeria has grown to about 1.9 million barrels per day to 1.6 million, said on Monday a representative of the State Oil Company.
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