Crude oil settles near 7-year highs after Turkey’s pipeline outage

January 20, 2022 03:10 PM AEDT | By Arpit Verma

Crude oil settles near 7-year highs after Turkey’s pipeline outage — Image source: Copyright © 2022 Kalkine Media®

Global Supply disruptions

Turkey's Kirkuk-Ceyhan pipeline that carries crude from northern Iraq to the Turkish port of Ceyhan for export was exploded on Wednesday due to a power pylon. However, the pipeline resumed flows later the same day.

Oil prices

Source: © Bon4ire | Megapixl.com

On Monday, Yemen’s Houthi group attacked the United Arab Emirates by exploding a fuel truck and killing three people. Furthermore, Houthi’s also warned they could target more facilities.

Meanwhile, Russia also built a large troop presence near the Ukraine border, stoking fear to invade.

The supply disruptions are coming simultaneously when OPEC+ members are unable to hit their monthly output increase target of 400,000bpd.

Apart from this, API (American Petroleum Institute) reported that U.S. crude and gasoline stocks rose in the last week while distillate inventories tumbled.

Bottom Line

Crude oil prices settled near seven-year high levels on Wednesday amid tight supply and ongoing global political unrest across the globe.

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