Crude rebounds from 5-month lows on supply woes

The tanker Kokuka Courageous sailing from Saudi Arabia to Singapore with a cargo of methanol was damaged as a result of the suspected attack.

Jun 13, 2019 09:06 IST India Infoline News Service

Crude Oil
Prices of crude oil in global markets rebounded from its five-month low levels in the afternoon session on Thursday amid reports of two tankers damaging a suspected attack in the Gulf of Oman.

As per Bloomberg data, Brent oil was trading 3% higher at $61.88/bbl and WTI climbed 2.70% at 52.52/bbl.

The tanker Kokuka Courageous sailing from Saudi Arabia to Singapore with a cargo of methanol was damaged as a result of the suspected attack, media reports said citing the vessel manager’s statement.

The event followed attacks on oil tankers near the Persian Gulf last month and raises the possibility of a disruption of crude flows.

On Wednesday, Brent oil slipped below its key level of $60/bbl amid increasing supply in the US. Prices dropped after the US Energy Information Administration (EIA) on Wednesday reported that US crude oil inventories climbed unexpectedly for the second consecutive session at 2.2mn barrels last week after analysts forecast a decrease of 481,000 barrels.

Related Story