Concerns over supply worries after Turkey earthquake add to crude’s impetus
— Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages after the shutdown of an export terminal after an earthquake in Turkey.
“Crude prices are rising on expectations that China’s recovery will take hold and on supply outages from the earthquake that devastated Turkey,” Oanda analyst Edward Moya said. Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid expectations of oil demand recovery, especially from China.
Daniel Hynes, senior commodity strategist at ANZ bank in Sydney, also pointed to the shutdown of the 535,000-barrels per day phase 1 of the Johan Sverdrup oilfield in Norway’s area of the North Sea as a major driver of prices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Newsdeck: Turkey earthquake of magnitude 7.9 shakes central region, SyriaDIYARBAKIR, Turkey, Feb 6 (Reuters) - A strong earthquake of magnitude 7.9 struck southern Turkey early on Monday and was felt in Cyprus, Lebanon and Syria, collapsing buildings and sending residents into the snowy streets, witnesses and broadcasters said.
Read more »
'We will get through this disaster together,' says Turkey's Erdogan as earthquake kills 76 | News24A powerful 7.8-magnitude earthquake has hit Turkey and Syria, killing dozens, levelling buildings while people were still in their sleep, and sending tremors that were felt as far away as the island of Cyprus.
Read more »
Hundreds die as earthquake hits Turkey and SyriaThe quake, which struck in the early darkness of a winter morning, was also felt in Cyprus and Lebanon
Read more »
Videos show collapsed buildings and rubble after a 7.8 magnitude earthquake in Turkey | Business InsiderOfficials fear a significant number of casualties will be discovered as a result of the earthquake, which was followed by a 6.7 aftershock.
Read more »
WATCH | 'So many buildings have been destroyed': Major quake kills nearly 284 across Turkey, Syria | News24A 7.8-magnitude earthquake has hit Turkey and Syria, killing nearly 284 people, levelling buildings while many were still asleep, and sending tremors that were felt as far away as the island of Cyprus and Egypt.
Read more »