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October 16, 2014

Oil price increases to $86

The price of Brent crude has increased slightly to approximately $86 a barrel, after registering four-year lows in recent days.

The price of Brent crude has increased slightly to approximately $86 a barrel, after registering four-year lows in recent days.

Reuters reported that Brent for December remained unchanged at $85.82 a barrel, while US November crude increased 30 cents to $83.

"A series of attacks carried out by Islamic State militants in Baghdad, Iraq, may have an impact on prices."

Since June, the price of oil lost over 20% of its value due to supply and weak demand.

A series of attacks carried out by Islamic State militants in Baghdad, Iraq, may have an impact on prices.

SEB chief commodity analyst in Oslo Bjarne Schieldrop was quoted by Reuters as saying: "Southern oil installations are not currently at risk, but increasing turmoil in Baghdad has dented the view that US air strikes will halt the advance of Islamic State."

Meanwhile, Kuwait’s national oil company head said on Wednesday said that the country did not have any plans to cut production, despite prices declining below $83 a barrel.

The International Energy Agency has cut its worldwide oil demand growth forecast for 2015.

Data from the Energy Information Administration has revealed that crude inventories in the US increased by approximately 9 million barrels last week, as refineries cut production and imports increased.

Energy

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