Brent crude increased to $101 a barrel today supported by better manufacturing activity in the US.
Reuters reported that Brent crude for October delivery was up 48 cents at $100.82 a barrel while US crude grew 43 cents to $93.31 a barrel.
Go deeper with GlobalData
Citing data, the news agency reported that US manufacturing activity reached a near three-and-a-half year high in August, while spending in the construction sector strongly rebounded in July, thereby increasing expectations of a higher oil demand in the country.
The price of crude is currently under pressure from a strong dollar, which increased 0.27% against a host of currencies on Tuesday.
The potential extended closure of the Buzzard oilfield in the North Sea may ease the crude glut in the Atlantic basin.
See Also:
Calgary-based Nexen was quoted by Reuters as saying that the 200,000 barrel per day field may be shut for up to ten consecutive days starting from 30 August, the day when production stopped.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWorldwide oil traders are monitoring the situation at Buzzard, which is the largest contributor to the Forties oil stream.
The American Petroleum Institute (API) is scheduled to unveil its weekly oil inventory report later today while the US Department of Energy’s Energy Information Administration (EIA) report will be released on Thursday.
Gasoline stocks are expected to have declined by 1.3 million barrels.
The oil output in Russia increased one per cent to 10.52 million barrels per day (bpd) last month, indicating that energy supplies have not been affected until now, due to sanctions imposed over the situation in Ukraine.
