Oil edged up in early trade on Thursday, extending gains for a fourth consecutive day, as crude loading disruptions in Turkey and optimism over China’s recovering demand continued to buoy sentiment.
Brent crude futures rose 14 cents, or 0.2% to $85.26 a barrel by 0239 GMT, while U.S. West Texas Intermediate (WTI) crude futures firmed 11 cents, or 0.2% higher, to $78.58 a barrel. Both benchmarks have gained more than 6% so far this week.
BP Azerbaijan declared force majeure on Azeri crude shipments from the Turkish port of Ceyhan on Feb.7 after a massive earthquake struck Turkey and Syria early on Monday. The disaster had halted operations at Ceyhan and disrupted crude oil flows from Iraq and Azerbaijan.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.