08:39 GMT03 August 2021
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    Oil prices have hit their highest level in over six months, surpassing $48.70 per barrel by early Monday, according to market values.

    MOSCOW (Sputnik) The Brent crude benchmark rose over 2 percent to $48.77 per barrel by 11:00 GMT, hitting the highest index since November 3. WTI crude mirrored the trend, rising past the $47 per barrel mark for the first time since the same date.

    Brent July 2016 futures were also over 2 percent in the green, reaching $48.82 by 11:20 GMT, while WTI June 2016 futures were trading at $47.18 per barrel, up from less than $46.50 per barrel a day earlier.

    The rally follows oil supply disruptions in Nigeria, Venezuela and Canada, as well as positive WTI forecasts by the Goldman Sachs multinational investment banking firm.

    Nigeria's oil output has plunged to its lowest levels since the early 1990s amid a series of Niger Delta militant attacks on oil facilities, forcing producers to shut down production and causing a nearly 0.5-million barrel-per-day outage. Wildfires in Canada have caused output losses of some one million barrels per day, while Venezuela's deepening economic crisis has caused output to continue to fall as the state-owned PDVSA struggles to make investments.

    Earlier on Monday, Goldman Sachs issued a report predicting that the price for the North American WTI crude benchmark would reach $50 per barrel by 2017.

    Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries. Prices have rebounded since January, gaining over 70 percent by May.


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