Brent oil The price maintains its gains during the week amid continued demand data in the US and interrupted supply from Africa. The precious commodity, which started the week around $77, closed Thursday at $81.34. The sale on Friday was not enough to lower the oil price.
What’s the Oil News From Africa?
Russia and Saudi Arabia, the world’s leading oil exporters, had decided to limit their supply due to low demand in the past period. While these developments have been priced in the past, the developments in the African continent are pushing the oil price upwards.
A tribal leader kidnapped in Nigeria the other day caused confusion in the country. As a result of the ongoing protests in Nigeria, some brent oil producing fields have been disabled. The problem in Libya, a North African country, is environmental rather than security.
Shell, the oil operator operating in the country, has suspended some production due to the potential risk of spills.
Brent Oil Price
In the light of the developments mentioned above, the price of the precious commodity is hovering around $81 as of now.
The energy source, which has a great impact on production and transportation, may continue its upward trend if it does not close below the $78 support. Experts estimated that the loss of supply in Libya and Nigeria totaled 595 thousand barrels per day.
The International Energy Agency shared a report that global oil demand will continue to rise.
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