Owing to the announcement that a key pipeline, responsible for carrying crude oil from Asia to the West, is unlikely to function for up to 15 days due to the damages sustained as a result of an explosion on Thursday 7th July. Traders said prices had actually dropped on Wednesday owing to the good news of a jump in US crude reserves

New York’s main contract, light sweet crude for September delivery gained 98 cents to $119.56 a barrel in electronic deals on Thursday. Brent North Sea crude for September rallied around $1.03 to $118.03 a barrel. There was an announcement on Thursday that the Baku-Tbilist-Ceyhan oil pipeline would remain shut for about 15 days after a blast had occurred in a pump at a section in eastern Turkey.

According to an official from Turkey’s state-run oil and gas company BOTAS, who spoke to the Anatolia news agency, the fire which started on Tuesday is likely to take another two days to burn out, due to the oil remaining in the pipe.

As a fault in the system was detected before the blast, the possibility of sabotage is ruled out by the local authorities.

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