Oil rises on supply concerns, China demand outlook brightens
Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world’s biggest importer, looks set to increase.
Brent crude futures rose 40 cents, or 0.5 per cent, to $81.39 per barrel by 0117 GMT, while West Texas Intermediate futures rose 43 cents, or 0.6 per cent, to $74.54 per barrel.
Operations at Turkey’s oil terminal in Ceyhan halted after a major earthquake hit the region. The facility can export up to 1 million barrels per day (bpd) of crude.
