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RIYADH: Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline.
Brent crude futures for September settlement rose $1.51, or 1.4 percent, to $106.66 a barrel by 0339 GMT, extending a 1.9 percent gain in the previous day.
US West Texas Intermediate crude futures for September delivery increased $1.36, or 1.4 percent, to $98.04 a barrel, having gained 2.1 percent on Monday.
Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages
Crisis-hit Sri Lanka invited on Tuesday expressions of interest from oil companies in petroleum-producing nations seeking to import and sell petroleum products as the Indian Ocean island opens its market amid acute fuel shortages.
“An advertisement was published today calling for expression of interest for oil companies to import, distribute and sell petroleum products in Sri Lanka,” Kanchana Wijesekera, the power and energy minister, said on Twitter.
Norway’s Vaar Energi raises dividend
Norway’s Vaar Energi raised its quarterly dividend on Tuesday while posting a slightly smaller-than-expected rise in second-quarter operating profits, boosted by rising oil and gas prices following Russia’s invasion of Ukraine.
Vaar, majority owned by Italy’s Eni, reported April-June earnings before interest and taxes of $1.67 billion, up from $361 million a year ago but lagging an average analyst forecast of $1.76 billion from Refinitiv SmartEstimate.
Fire erupts at Donetsk oil depot
A major fire broke out at an oil depot in the Budyonnovsky district of Russian-backed Donetsk People’s Republic in eastern Ukraine after Ukrainian troops shelled the province, Russia’s TASS reported on Tuesday, quoting a reporter at the scene.
No casualties or injuries have been reported so far due to the fire, which was tens of meters high, TASS added.
EU countries reach deal on emergency gas cuts
EU countries agreed on Tuesday to an emergency regulation to curb their gas use this winter, as Europe prepares for a winter of uncertain supplies from Russia.
“This was not a Mission Impossible! Ministers have reached a political agreement on gas demand reduction ahead of the upcoming winter,” the Czech Republic, which holds the rotating EU presidency, wrote in a tweet.
(With input from Reuters)