Oil prices have risen to the highest level since 2014, helping to lift oil stocks higher Wednesday. Rising geopolitical fears coupled with the ongoing OPEC output cap, means the price of Brent crude oil is moving closer to the $70 per barrel level.
European shares are trading lower Wednesday, as investors retreat from the stock markets and show interest in the bond markets and oil. Bond yields are on the up, while the oil price continues its upward move, attracting investors away from the stock indices.
European shares were trading higher for a second straight day Thursday, continuing the global stocks rally and gaining support from still rising oil prices and some better-than-expected US car sales data.
Norwegian resources giant Statoil, has confirmed a 25% purchase of the Roncador oil field owned by Petrobas. The deal will almost triple Statoil’s south American output and forms part of Statoil’s long-term strategic planning.
European shares were trading mostly in the green shortly after midday Tuesday, as the higher oil price meant many energy-related stocks made gains. However, positivity was tempered a little as US Fed policy makers begin their two-day rate-setting meeting, later.
The oil price topped $65 per barrel Tuesday, a price not achieved since 2015, on news a major North Sea pipeline would be shutdown for ‘a matter of weeks’. The news exacerbates growing output concerns on geopolitical tensions and pushed the price of Brent Crude and US WI oil higher.
The oil price turned positive in early Monday afternoon trading, reversing an earlier fall. Oil production related news was mixed, with likely rising US production countering geopolitically-output related news elsewhere.
The oil price is rising again Friday and looks likely to end the week little changed from where it began, despite earlier price falls. Renewed support has come in the form of higher Chinese oil imports data and the threat of a strike by one Nigeria’s main oil worker unions.