Oil prices are at its highest in over two years

Valhall field in the North SeaValhall field in the North Sea.Photo: Håkon Mosvold Larsen / NTB scanpix

A barrel of North Sea oil was sold for $ 59 on Monday night, which is the highest price in 800 days.

 

After falling somewhat after midnight and early Monday morning, the price trend began to turn around 10 am Monday morning.

Since then, the price continued to rise and by 21:30, it had increased by 4 percent. One barrel was then sold for 59 dollars, which is the highest price since July 2015.

Some of the upswing is due to the news that the Turkish president threatened Iraqi Kurds to stop all oil exports going through Turkey, says oil analyst Thina Saltvedt in Nordea to NTB.

“I have not seen any other news today that can affect the price particularly,” she says, continuing:

“But it is probably based on several things over a longer period of time, which makes buying oil a more safe bet. The upturn we have seen lately is the most stable I’ve seen in a long time,” she says.

 

© NTB Scanpix / Norway Today

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