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News: Crude update: North Sea benchmark continues rally

  1. Oil prices may have turned a corner as Brent crude moved convincingly above the significant US$50 per barrel marker as the commodity attracted new buyers.

    The North Sea benchmark stands at US$54.03 - 1.96% ahead - at the time of writing.

    In the futures market, on ICE, brent for March delivery was at US53.60 per barrel - 1.138% higher.

    It comes as traders appear to be sidelining news that oil workers in the US yesterday at nine refineries went on strike in an effort to pressure oil firms for a new contract.

    The BBC has reported  it is the first strike of its kind in 35 years.

    Meanwhile after some time delay, oil exploration in the Falklands was back on the news agenda on Monday, as a rig is now journeying to the islands to begin a drilling campaign in March.

    It comes despite the falling oil price environment.

    Small caps Rockhopper (LON:RKH) and Falkland Oil and Gas (LON:FOGL) are involved in the campaign and both saw shares surge on the news. Rockhopper rose 12.56% and FOGL added almost 18%.

    The oil rig count has dropped to the lowest level since the beginning of 2012 pointing to future lower supplies, which caused an uplift in the price.

     

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