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News X

Brent Surges to 2-Year High

Oil

Brent crude was trading at $59.04 a barrel in early morning in London, the highest level since November 4 2015 when it was traded at $59.26 a barrel. Brent has risen by 36% so far in the third quarter and is set for its strongest 3-month September since 2004, Reuters reports. The rise in Brent's value is a result of dropping global inventory levels and increasing global demand, as well as a recent potential squeeze on oil supply amid tensions over the Kurdish Regional Government's decision to hold a referendum on independence, which took place on Monday and has created vast opposition by Turkey and Iraq.