Newsdeck

Brent oil hits $80 for first time since late 2014

By AFP 17 May 2018
Caption
Malaysian FPSO provider Bumi Armada has allowed Erin Energy to flow its oil from the Oyo field offshore Nigeria into the Armada Perdana FPSO cargo tanks and a one-off cargo offtake despite Erin’s outstanding debts towards the FPSO owner. Photo by Bumi Armada via Offshore Trader.

Benchmark oil contract Brent North Sea hit $80 a barrel Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns.

Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to $80.18 a barrel — the highest level since November 2014.

Around 1010 GMT, it pulled back to $79.79, still 51 cents higher than Wednesday.

Global oil supplies could be hit by President Donald Trump’s decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday.

Prior to Thursday’s peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output. DM

Gallery

#10XDMGathering LIVE STREAM

2018 Media Gathering, live from Cape Town International Convention Centre

By Daily Maverick

The filming of The Beach permanently damaged the ecosystem on the Thai island it was located on.

0