OIL & GAS MARKET WRAP

The Oil and Gas wrap provides the latest oil prices from commodity exchanges in New York and London, gives a summary of the main corporate and macroeconomic news impacting the price of oil, a barometer of the strength of global economy.

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Oil prices subdued despite North Sea supply worries

January 16 2013, 3:42pm
Oil prices subdued despite North Sea supply worries

Brent Crude prices remain largely unchanged today despite concerns over the supply chain in the North Sea.

It emerged today that a leak has meant key oil export infrastructure, connecting to a total of 27 oilfields, meant that North Sea production has been constrained.

Despite this fact, Brent crude futures were up a mere 8 cents a barrel at $110.40. Meanwhile West Texas Intermediary futures were 20 cents higher.

Part of the reason for the oil price being capped is the re-surfacing of concerns over America’s economic stability, and European economic data also weighed heavily on sentiment.

Aside from that, the latest oil stockpile report from America’s Energy Information Administration later today will also be a key focus for the oil market.


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