Oil prices edged up on Tuesday, extending the previous day’s rally driven by a halt in production at Norway’s Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war.
Brent crude futures for January delivery rose 15 cents, or 0.2%, to $73.45 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude futures for December delivery were at $69.31 a barrel, up 15 cents, or 0.2%.
The more active WTI January contract rose 13 cents, or 0.2%, to $69.30. Both benchmarks climbed more than $2 a barrel on Monday after Norway’s Equinor (EQNR.OL), opens new tab said it has halted output from its Johan Sverdrup oilfield, Western Europe’s largest, due to an onshore power outage.
Work to restart production was under way, an Equinor spokesperson said, but it was not immediately clear when it would resume.
Additionally, Kazakhstan’s biggest oil field Tengiz, operated by U.S. major Chevron (CVX.N), opens new tab, has reduced oil output by 28% to 30% due to repairs, helping to further tighten global supplies.
Repairs were expected to be completed by Saturday, the country’s energy ministry said.
