Oil prices rose yesterday following investors’ assessment of a temporary shutdown at two large fields in Kazakhstan, expectations of a build in US crude inventories and fresh geopolitical tension tied to US tariff threats in its bid to gain control of Greenland.
According to Reuters, Brent futures gained 11 cents, or 0.2 per cent, to trade at $65.03 a barrel while the US West Texas Intermediate crude contract rose 14 cents, also 0.2 per cent, to trade $60.50 a barrel.
It reported that both contracts closed about 1.5 per cent higher in the previous session after OPEC+ producer Kazakhstan halted output at the Tengiz and Korolev oilfields on Sunday due to power distribution issues.
It added that slsewhere in the country, oil from the Kashagan field has been diverted to the domestic market for the first time due to bottlenecks at the Black Sea CPC terminal, after equipment at the terminal was seriously damaged.
