Saudi pipeline closure pushes up oil prices

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Saudi pipeline closure pushes up oil prices
Photo: Hasan Jamali AP/TT

The price of North Sea crude oil (Brent) rose by more than 4 percent to $109 a barrel after the Associated Press reported that it will take weeks to repair damage to the oil pipeline.

Market concerns are also being driven by the cancellation of a meeting between Iran and other oil countries around the Persian Gulf on how traffic through the Strait of Hormuz should be handled.

Last week, the price rose 9 percent and today's price levels can be compared with $85-$90 per barrel at the end of August and prices below $70 per barrel at the beginning of the year.

The price of natural gas on the European market - important for Swedish electricity prices - rises by about 4 percent to over 83 euros per megawatt hour.

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TT News AgencyT
By TT News Agency. English edition by Sweden Herald, adapted for our readers

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