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LequteMan
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Nigeria - Oil rose more than three per cent yesterday, pushing Brent crude to a 2015 high above $63 per barrel, The Nation reports.
The increase was due to evidence that U.S. production had dropped, balancing a market that had been in heavy oversupply for more than a year.
“People are realising that the U.S. production juggernaut is slowing, at least for now,” said Virendra Chauhan, oil analyst at London-based consultancy Energy Aspects.
“U.S. production is down for the second time in three weeks and refinery runs are spiking up, driving demand higher.”
Experts however say the market is still oversupplied which can reduce the price in the near future.
Oil prices collapsed in the six months to January, pushing Brent down more than 60 per cent to almost $45 a barrel.
#Nigeria #Oil #Brent
The increase was due to evidence that U.S. production had dropped, balancing a market that had been in heavy oversupply for more than a year.
“People are realising that the U.S. production juggernaut is slowing, at least for now,” said Virendra Chauhan, oil analyst at London-based consultancy Energy Aspects.
“U.S. production is down for the second time in three weeks and refinery runs are spiking up, driving demand higher.”
Experts however say the market is still oversupplied which can reduce the price in the near future.
Oil prices collapsed in the six months to January, pushing Brent down more than 60 per cent to almost $45 a barrel.
#Nigeria #Oil #Brent
