Connect with us

Hi, what are you looking for?


Oil passes 80 dollars mark

SINGAPORE, Jan 4 – Oil prices hurdled 80 dollars a barrel on the first trading day of the year Monday after Russia cut crude supplies to Belarus, analysts said.

New York\’s main futures contract, light sweet crude for delivery in February, rose 78 cents to 80.14 dollars a barrel in the afternoon.

Brent North Sea crude for February delivery gained 74 cents to 78.67 dollars.

Crude prices rose on concerns over the implications of Russia\’s move, which has been effective since New Year\’s Eve, analysts said.

"Oil is up, reacting primarily to… Russia stopping oil supplies to Belarus," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"That is the dominant factor… and has added some momentum to oil."

Media reports said Russia had stopped supplies to Belarus from December 31, 2009, with ongoing negotiations to restart deliveries hampered by tariff disagreements.

The incident is the latest in the energy dispute between the two nations over tariff arrangements. Moscow also severed supplies to Belarus in January 2007 following a similar row.

An analyst quoted by the Financial Times said the pipeline through Belarus supplied up to 800,000 barrels of oil products a day to Germany and Poland.

Advertisement. Scroll to continue reading.

However, oil exports to Europe were still flowing despite the Russian move, with refineries in Belarus holding a week\’s worth of stockpiles, media reports said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...