Oil tanker

The price of oil surged on Thursday after a suspected torpedo attack on two tankers in the Gulf of Oman.
West Texas Intermediate crude jumped 3%, while Brent crude jumped 3.8%.
Oil was previously trading at five-month lows, reflecting a glut of US crude and concerns that the US-China trade war could weaken global economic growth and temper demand for oil.
Watch oil trade live.

The price of oil surged on Thursday after a suspected attack on two tankers in the Gulf of Oman.

One of the vessels, Front Altair, was “suspected of being hit by a torpedo,” according to the Associated Press, citing Taiwan’s state oil refiner CPC Corp, which chartered the vessel.

West Texas Intermediate crude jumped 3% to $52.70 a barrel, while Brent crude jumped 3.8% to $62.04. Oil was previously trading at five-month lows, reflecting a glut of US crude and concerns that the US-China trade war could weaken global economic growth and temper demand for oil.

The Gulf of Oman feeds into the Strait of Hormuz, a key transit route for a fifth of global oil supplies.

US crude oil inventories grew by 2.2 million to about 486 million last week, according to the Energy Information Administration. The …read more


Source:: Businessinsider – Finance

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *