Oil prices rose for a fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, increased by 0.72 cents on Jan. 18 compared to the previous price and amounted to $90.56 per barrel, Trend reports referring to the source from the country's oil and gas market.
The price of Azeri LT FOB Ceyhan on Jan. 18 totaled $89.73 per barrel, up by 0.7 cents as compared to the previous price.
The price of URALS oil, sold by Azerbaijan from the Russian Black Sea port of Novorossiysk through the Baku-Novorossiysk pipeline, made up $85.14 per barrel on Jan. 18, increasing by 0.82 cents as compared to the previous price.
Brent crude futures rose 39 cents, or 0.5%, to $87.90 a barrel at 0740 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05 earlier in the session, its highest since Oct. 13, 2014.
U.S. West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.8%, to $86.07 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to $87.08, its highest since Oct. 9, 2014.
Turkey's state pipeline operator said it put out a blaze following an explosion that cut oil flow at the Kirkuk-Ceyhan pipeline, adding that it would be operational "as soon as possible". The cause of the explosion is not known. read more
The pipeline carries crude out of Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.