A Review of the Nigerian Energy Industry

Oil prices jump, Brent hits highest in more than 2 weeks

17 March 2018, News Wires  – Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose and investors covered short bets ahead of a weekend in which the U.S. news program “60 Minutes” will air an interview with Saudi Arabia’s crown prince.

Saudi Crown Prince Mohammed bin Salman will be on “60 Minutes” on Sunday “comparing Iran’s Ayatollah to Hitler, and the battle in Ghouta, Syria, is ramping up,” said John Kilduff, partner at investment manager Again Capital in New York. “You can’t be short oil over the weekend with all that going on in the region.”

Brent futures rose $1.09 to settle at $66.21 a barrel, a 1.7 percent gain. During the session, Brent hit $66.42, its highest since Feb. 28.

U.S. West Texas Intermediate (WTI) crude futures for April, which will expire on Tuesday, rose $1.15 to settle at $62.34 a barrel, a 1.9 percent gain. WTI hit a high of $62.54, its highest since March 7.

  • Reuters
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