Oil prices surged on Wednesday
Oil prices surged on Wednesday

International benchmarks for oil prices increased for the second day in a row Wednesday (8 June) as supply concern heat up when a rebel group in Nigeria rejected a truce offer with officials and vow to shutter the country’s oil operations. Media report showing Nigeria’s crude oil output has fallen from 2.2 million barrels per day to only 1.6 million barrel this week on unrest political issues. Market sentiment was also boosted by US inventory data on Wednesday, which reported some 3.2 million barrels dropped in commercial crude stock for the week ending 3 June. Analysts are expecting US inventories could fall further as the country advances towards peak summer driving season and refineries ramp up gasoline production.
WTI closed at $51.23/barrel (+$0.87) July delivery
Brent closed at $52.51/barrel (+$1.07) August delivery