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Ramish and Leela
Wednesday, 08 June 2016 13:47

Oil prices hit US$51

Written by C News
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Oil prices have been on a constant incline for the past three weeks, rising from US$45 a barrel in May to its high at US$51 on Wednesday.

On Tuesday, energy prices jumped more than 1%, hitting 2016 highs, with US crude settling above $50 for the first time in almost a year, on expectations of domestic stockpile draws and worries about global supply shortfalls from attacks on Nigeria's oil industry.

The price of West Texas Intermediate crude, the US benchmark, increased by 2% to $51.34 at 10:35am. 

It was WTI's first settlement above $50 since July 2015. The session high was $51.53, a peak from October.

Brent crude futures also finished at 89 cents, or 1.8%, at $52.27 a barrel.

Prices bounced off those lows on talk of an OPEC production freeze, which did not materialise. The rally heightened after last month's wildfires in Canada's oil sands region and also has been supported by supply outages elsewhere, including Nigeria, Venezuela and Libya.

The latest short-term energy outlook issued the US Energy Information Agency (EIA), said it expects US crude production declines for 2016 and 2017 to remain unchanged from a month ago.

The Agency said though it expects production will fall by 830,000 bpd this year to 8.6 million bpd, and drop next year by 410,000 bpd to 8.19 million bpd.

In response to the 2016 record high, the CEO of the T&T Energy Chamber, Dr. Thackwray Driver, said: "I think we need to not look at that as any fundamental change for the issues which face our economy. We are still in a low price environment and still there are many things we need to do to adapt to that low price environment."

Read 378 times Last modified on Tuesday, 21 June 2016 09:17
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