Oil prices are continuing to climb toward the $100 mark this week thanks to supply disruptions in Libya and expectations of a further U.S. inventory draw.
As the oil markets anticipate US inflation data for August and the ECB’s interest rate decision later this week, supply disruptions in Libya have added a little upside to prices again, with ICE Brent moving past the $91 per barrel mark. Expectations are that this week will bring about another US crude inventory drop, and absent any negative macro news, the climb toward $100 per barrel is set to continue.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.