Oil prices jumped on Monday on the back of supply disruption concerns linked to the rise in geopolitical tensions in the Middle East and Eastern Europe, while demand held steady as the impact of the Omicron coronavirus strain eased in some countries.
Brent, the global benchmark for two thirds of the world’s oil, surged 0.88 per cent to $88.66 a barrel at 9.26am UAE time on Monday while West Texas Intermediate, the gauge that tracks US crude, was trading 0.78 per cent higher at $85.80 a barrel.
“The pulse continues to sit firmly with oil bulls, given the robust physical market, with optimism over Covid-19 pivoting from pandemic to endemic,” said Ehsan Khoman, head of emerging markets research at MUFG Bank.
Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.