Oil prices nearing $ 50

Oil prices nearing $ 50Oil prices nearing $ 50.Photo: pixabay.com

The price for North Sea oil rose to $ 49.36 a barrel in Asia on Wednesday. One reason for the rise is the forest fires that affect oil production in Canada.

While the North Sea oil for delivery in July traded at $ 49.36,  US  crude oil for delivery  costed $ 48.45 a barrel in June.
Oil prices have been on the rise for one and a half week, partly as a result of fires in Canada. They have hit the country’s exports of oil from oil sands.
An armed attack on a oil facilities off the coast of Nigeria has also  contributed to the uncertainty about the supply of oil on the world market.
The financial giant Goldman Sachs wrote in a report earlier this week that the demand now outstrips the supply.

Source: NTB scanpix / Norway Today

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