Disruptions in Oil Output Across Africa and Americas Hike Prices

The turmoil in Nigeria, bankruptcy of energy firms in US and the crisis in Venezuela have contributed to disruptions in the global supply of oil, resulting in the rise of oil prices. The International Brent crude futures LCOc1 were trading at $49.10 per barrel, up 29 cents or 0.59% from their last settlement. US West Texas Intermediate (WTI) crude futures CLc1 was up 39 cents, or 0.81% at $48.55 a barrel. This unexpected disruptions in the supply amounted to about 2.5 million barrels production per day. It almost wiped out the surplus production between 2014 and early 2016 that brought down the prices by more than 70%.

Read Full News At: http://www.researz.com/disruptions-oil-output-across-africa-americas-hike-prices

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