The price of Brent crude oil, the international benchmark, has reached a new high by surpassing $65 per barrel, market indices showed Tuesday.
MOSCOW (Sputnik) — As of 02:25 GMT, the January Brent futures for North Sea crude oil, the benchmark for the global oil price, traded at $65,24 per barrel, rising by 0,52 percent.
Brent crude first jumped to $64.27 on November 6 after a number of former and current Saudi officials, including 11 princes and four incumbent ministers, were detained by authorities as part of an anti-corruption operation launched by the government, resulting in an increase of oil prices to their highest levels in over two years. Experts predicted that if the uncertainty in Saudi Arabia further escalated, oil prices could rise toward $70 per barrel, but by November 8 Brent Crude had already fallen to $63.97.
The price of crude oil has started rising again amid the reports that the Forties Pipeline System, the UK largest oil pipeline, could be shut down for weeks for unscheduled repairs.