Oil price rises again as Brent crude climbs – but Tullow Oil share price is hit
Oil prices climbed again in early trading today, after Iran "welcomed" (but made no commitments to) a deal between Russia and Saudi Arabia to keep a lid on production.
Brent crude climbed to $34.44 per barrel today, while WTI crude, the US benchmark, rose to $31.14. That puts Brent crude just shy of 25 per cent higher than its low of $27.72.
But shares in Tullow Oil fell more than 7.5 per cent to 177p, after it said it had identified a "potential issue" with the turret bearing on one of its floating vessels.
In a statement today it said:
Following a recent inspection of the turret area of the Jubilee Floating Production Storage and Offtake vessel (FPSO), by Sofec, the original turret manufacturer, a potential issue was identified with the turret bearing.
The company said that, as a precautionary measure, it was putting in place additional operating procedures to monitor the turret bearing and reduce the degree of rotation of the vessel.
Shell followed it down, with shares falling 2.2 per cent to 1,598p in early trading.