Singapore November 19 2024: Oil prices edged up on Tuesday, extending the previous day’s rally driven by a halt in production at Norway’s Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war.
Brent crude futures for January delivery rose 15 cents, or 0.2%, to $73.45 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude futures for December delivery were at $69.31 a barrel, up 15 cents, or 0.2%. The more active WTI January contract rose 13 cents, or 0.2%, to $69.30.
Both benchmarks climbed more than $2 a barrel on Monday after Norway’s Equinor (EQNR.OL) said it has halted output from its Johan Sverdrup oilfield, Western Europe’s largest, due to an onshore power outage.
