Oil prices increased on Tuesday

International benchmarks for oil prices move higher on Tuesday (7 June) as supply disruption in Canada and Nigeria continue to fuel market expectation for a balance in supply-demand. Market is waiting for the Energy Information Administration to release report on the US commercial crude inventories, however traders and analysts are expecting a cut back on crude stockpile given weaker output from both local drillers and Canadian oil producers – the largest oil exporter to the US. Political unrest in the Nigeria might keep the country’s production at low level for a sustained period, industry experts said. Weaker US dollar also contributed to the upsurge in oil prices on Tuesday

WTI closed at $50.36/barrel (+$0.67) July delivery

Brent closed at $51.44/barrel (+0.89) August delivery