Crude Oil Price Rise above $51 Per Barrel | Independent Newspapers Limited
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Crude Oil Price Rise above $51 Per Barrel

Oil Prices, SON; Qua Iboe Crude Oil
Posted: Jun 8, 2016 at 2:20 pm   /   by   /   comments (0)

Oil prices continued their steady uptick Wednesday, rising above $51 per barrel amid turmoil in Nigeria, early signs of a reawakening U.S. market and declining global inventories.

The price of West Texas Intermediate crude, the U.S. benchmark, rose 1.3% to $51.03 at 7:54 a.m.

The commodity hasn’t settled above $51 since July 15, when it hit $51.41, according to the Oil Price Information Service.

This week’s boost in prices can be attributed partially to unrest in Nigeria, where the Niger Delta Avengers have attacked oil facilities, causing supply disruptions.

To be sure, however, few analysts expect oil prices to increase significantly. Capital Economics analysts recently projected that oil would retreat to $45 per barrel by the end of 2016.