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December 1, 2022
BUSINESS

Oil price up on Mid East turmoil and Japan energy needs

The oil price has rebounded as markets refocus on the Middle East, as well as Japan’s energy needs. Brent crude futures broke back above $113 a barrel, while US light, sweet crude reached $100 again, according to bbc.co.uk website. With Libyan production already near zero, markets took fright at the turmoil in Bahrain and the risk it may spread to neighbouring Saudi Arabia. Meanwhile, with much of Japan’s nuclear power sector shut down, the country is set to increase energy imports. In particular, the country is expected to need more finished fuel products, as well as coal and liquefied natural gas (LNG), which can be used for power generation.

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