Oil prices rise for fifth consecutive day

The price of Brent has increased with roughly seven dollar during the Easter holiday.
Photo: Stringer ./REUTERS / X80002
Photo: Stringer ./REUTERS / X80002
BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Oil prices rallied over the Easter holiday, with the trend keeping pace Tuesday in the case of North Sea crude.

European reference oil Brent surges for the fifth day in a row, hitting USD 113.65 Tuesday morning against USD 106.54 Wednesday.

Monday evening’s price was USD 113.16 a barrel.

US counterpart West Texas Intermediate trades unchanged Tuesday morning relative to Monday at USD 108.24 per barrel, albeit having increased from USD 102.13 since closing trading hours Wednesday CEST.

According to Bloomberg News, prices are buoyed by market forecasts of China quickly restoring economic activity as soon as the country gets the Covid-19 outbreak under control.

Less output from Libya, affected by a wave of political protests, is also commanding attention.

The western Libyan Sharara field, with daily output capacity of 300,000 barrels, has been shut down due to spreading protests, reports Bloomberg News.

Libya’s National Oil Corporation announced halting large oil field operations Monday after staff at vital export terminals in Zueitina were prevented from going to work, according to Reuters.

“The demand impact of China lockdowns and the outages in Libya are on the oil market radar,” says Vanda Insights founder Vandana Hari to Bloomberg, reports Reuters:

“But the prospect of the EU phasing out Russian oil imports is the key sentiment driver.”

Gold dips Tuesday, with one troy ounce selling for USD 1,974.23 against USD 1,978.91 Monday afternoon.

Decreasing Chinese crude imports send prices down

EU nations split on imposing sanctions on Russian energy

Oil prices rebound after eased Covid-19 restrictions in Shanghai

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