Global oil prices gained on supply disruptions in northwest Europe and escalating geopolitical tensions. Atlantic basin benchmark North Sea Dated gained $4.05/bl to $74.36/bl in the week to 16 May, while US marker WTI rose by $1.17/bl to $62.87/bl. Mideast Gulf benchmark Dubai was $3.95/bl higher at $72.93/bl. The North Sea benchmark fi rmed as planned and unplanned maintenance hit the region’s supplies. Ekofi sk will be unavailable for much of June, while unplanned shutdowns a? ected loadings of Oseberg, Statfjord and Flotta Gold. Regional grade Forties rose to its highest against North Sea Dated in fi ve years because of the curtailments, holding a $1.25/bl premium to the benchmark.
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