Prior to the release of weekly data about supplies, West Texas Intermediate crude oil futures also pushed ahead. Zueitina and Hariga, two Libyan ports handed over by rebels to the government this week, will remain under restrained circumstances through this Sunday at minimum, according to member Sliman Qajam with the energy committee in Tripoli told the news source on Wednesday.
The price of the energy commodity also benefited from ongoing tensions between western nations and Russia regarding Ukraine.
"The handover to regular security personnel of the two east Libyan oil terminals that were released by rebels at the beginning of the week appears to be experiencing delays," states a report authored by head of commodities research Eugen Weinberg with Commerzbank AG, according to Bloomberg. "This is lending support to oil prices, as is the further escalation of the situation in East Ukraine."
At 9:35 a.m. on Wednesday, WTI crude oil futures surged 2.22 percent, a $2.23 rise to $102.67 per barrel. At 9:34 a.m., Brent crude oil futures edged up 0.07 percent, an 8-cent increase to $107.75 per barrel.
Another factor is poised to impact the price of crude oil these days – reduced demand.
The Wall Street Journal reports demand for crude oil typically relaxes around now. That provides the opportunity for oil refineries to undertake maintenance procedures that they typically take on in preparation for the heavier driving season.
"It's hard to be short oil this time of year," Phil Flynn with Price Futures Group told The Wall Street Journal on Wednesday in regard to worries about seasonal demand and production.
Further, investors and analysts and closely watching ongoing geopolitical issues as a method of determining the denouement of the energy commodity.
Geopolitical issues manifest
Libya and Ukraine are the top issues regarding crude oil prices on Wednesday.
The two ports in Libya are considered key sites in the oil-rich nation. In Ukraine, authorities and separatists are increasingly confrontational, which could spell concerns about supply lines because Russia is a strong generator of the energy commodity.
The prospect of increased diplomatic action against Russia has not been ruled out since Russia annexed the Crimea region of Ukraine last month after Ukrainians ousted their leader in later February.
"Were the West to react by imposing sanctions on the Russian oil and gas sector, this would have a serious impact on supply and thus also on prices," states a note authored by Commerzbank Commodity Research, according to The Wall Street Journal.
Nigerian firm emerges
Shifting south, one of Africa's biggest energy companies has made a strong debut on the market.
Reuters reports Seplat, valued at roughly $1.9 billion, has offered 26.4 percent of its shares as part of combined market appearance.
Having sold well more than 143 million shares to investors, the company is raising the equivalent of $500 million, according to paperwork the company filed with the London Stock Exchange.
As the first company based in Nigeria to have listings in both Lagos and London, Seplat is slated to begin trading this week, the news source reports.
The company's top official said market circumstances are somewhat rough but the welcome that the company has received thus far is much to speak of. For that reason, the decision to list in both cities was a good one that bodes well looking forward.
"Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home," chairman Bryant Orjiako with Seplat said.
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