Oil prices were rising on Monday as supply side issues outweighed economic fears about a recession and any attendant demand destruction.
The front-month contract for Brent crude North Sea oil was last seen up USD 0.39 at USD 112.02/bbl, while the WTI equivalent was USD 0.53 higher at USD 108.96/bbl.
“Supply side issues offset concerns of weaker demand,” said Australia’s ANZ bank in a note in relation to the higher prices.
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.