Operations ceased at the Buzzard oil field in the North Sea. Gunmen detonated a bomb at a pipeline that links producing areas in Iraq, marking the second attack thus far this year in the oil-rich Middle Eastern nation.
"The halt of Buzzard production gave the market a pop," partner John Kilduff with energy-focused hedge fund Again Capital LLC in New York told the news source on Thursday. "Disruptions in North Sea supply have repeatedly boosted prices over the last year. In addition, there are geopolitical issues supporting the market."
At 10:07 a.m. on Thursday, West Texas Intermediate crude oil futures rose 0.22 percent, a 20-cent lift to $92.53 per barrel. At 10:06 a.m., Brent crude oil futures climbed 0.47 percent, a 50-cent climb to $107.65 per barrel.
Reuters reports a U.S. regulator said the integrity of testing procedures soon will be known regarding North Dakota oil companies' procedures for testing and labeling the types of crude-by-rail shipments after recent explosive accidents.
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