Petroleum Africa
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Monday, May 30, 2016
The crude market has seen a slight upturn with Brent crude closing at above $50 per barrel for the first time in almost seven months. In the US, light crude ended the week closing out at $49.33 per barrel on May 27.
Prices have seen a rally since Canada’s shut in of production due to wildfires in Alberta, unrest in Libya, and the return of the militant contingent in Nigeria’s Niger Delta.
According to analysts, prices should hit the mid-$60 range as the threat of disruptions in several producing countries is increasing.
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