Oil prices have climbed to new high peaks for 2016 for the third consecutive day on Wednesday, June 8, following supply disruptions in Nigeria and data showing lower (United States) US petroleum inventories.
The disruptions have slashed output in OPEC member Nigeria from 2.2 million barrels a day to 1.6 million barrels a day.
US benchmark West Texas Intermediate for July delivery advanced 87 cents to US$51.23 a barrel on the New York Mercantile Exchange. Brent North Sea oil for August delivery gained US$1.07 to US$52.51 a barrel in London.
US inventory data on Wednesday confirmed a tightening market picture, with US commercial stocks dropping by 3.2 million barrels for the week ending Jun 3, according to the Department of Energy.
Oil Prices Hit Fresh Peak At $51.23 Per Barrel https://t.co/OLcGZFo2au https://t.co/AnDv33USm9
Oil Prices Hit Fresh Peak At $51.23 Per Barrel https://t.co/jfHsqYoqsm https://t.co/QHfiHcmpmj