> Oil jumped by the majority in six and a half years on Thursday,

World: Oil jumped by the majority in six and a half years on Thursday,

2015/08/29

Oil jumped by the majority in six and a half years on Thursday, rebounding from lows last seen during the financial crisis, as a surge in world stock markets and outages in two major Nigerians pipeline sparked a rally.

Royal Dutch Shell declared force majeure on shipments of Nigeria’s Bonny Light crude oil next shutting two pipelines, cutting supplies from Africa’s biggest oil producer.

Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 % gain marked its biggest one day advance since December 2008.

West Texas Intermediate, the US marker, increased 10.3 %, or $3.96 a barrel, to $42.56, the major daily increase since March 2009.
Meanwhile, Wall Street recovered additional of its recent declines. The S&P 500 finally settled 2.4 % up at 1,987, leaving it higher than where it ended last week.

Nigeria, an Opec member which produces additional than 2 % of world supplies, has been plagued by pipeline leaks, sabotage and theft in recent years.

Shell Petroleum Development Company of Nigeria, a Shell subsidiary, said the company was fixing a reported leak on the Trans Niger Pipeline and removing “theft points” on the Nembe Creek Trunkline.

Oil was by presently rallying, however, before the news from Nigeria supported by a move higher in world stock markets next a volatile few trading sessions, with traders seeing a lower luck of a US interest rate rise next month.

“The flat price of crude oil will continue to be influenced by the volatility in the equity markets,” said Olivier Jakob at consultancy Petromatrix.
Growing concerns about an economic slowdown in China — the world’s major oil importer — and renewed signs of a persistent crude overhang took prices to the lowest levels this week since spring of 2009.

SWIFTRef a financial institution or corporate

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