Oil prices rise as earthquake in Turkey sparks supply worries
The Ceyhan terminal handles Azerbaijani and Iraqi oil exports. Joe Raedle/Getty Images
Oil prices rose early Tuesday as supply concerns were fueled by the aftermath of Turkey’s earthquake, while there were signs of confidence in strong Chinese demand.
Brent crude, the international standard, rose 1.9% to $82.51 a barrel. West Texas Intermediate, the US Standard, rose 2.0% to $75.57 a barrel.
Turkey’s one million barrels-per-day oil export terminal in Ceyhan has been temporarily closed after a powerful earthquake hit the country and northern Syria. The terminal handles exports from Azerbaijan and Iraq and handled around 1% of world oil shipments in January.
In addition to supply concerns, oil prices were also boosted by optimism about a recovery in demand from China.
“Saudi Aramco increased, rather than cut, the official selling price for its flagship Arab Light for Asia in March, indicating confidence in the demand outlook,” Saxo Bank analysts said in a research note on Tuesday.
Write to Adam Clark at [email protected]