Oil prices rose on Monday

International benchmarks for oil prices increased on Monday (6 June) as continuous militant attacks in Nigeria has sent the country output to multi year lows, raising market concern about the near term supply-demand balance. Over the past weeks, production outages in Canada and Nigeria have taken more than 3 million barrels off the market, supporting oil prices to remain relatively firm. However, analysts are not expecting any significant increase in the near term as higher prices are attracting US shale oil producers to drill more.

WTI closed at $49.69/barrel (+$1.07) July delivery

Brent closed at $50.55/barrel (+$0.91) August delivery