Oil Price Rises Above $65 per barrel

By Modupe Gbadeyanka

The price of Brent crude oil has risen above $65 per barrel at the global market on Tuesday amid drop in supplies.

As at the time of filing this report this afternoon (12:30pm), it was gathered that the commodity was sold for $65.55 per barrel at the market, indicating 1.33 percent rise and $0.86 change in the price of the product.

This is coming at a time when there is a shutdown of the Forties North Sea pipeline as well as drop in the supplies as a result of oil production pushed by members and non-members of Organization of the Petroleum Exporting Countries (OPEC).

Also, the price of WTI crude oil has jumped to $58.26 per barrel, $0.270 change in price and 0.47 percent.

In addition, the price of natural gas at the market increased to $2.84, about $0.01 rise in price and 0.32 percent growth.