FX.co ★ Brent crude rises above $67 a barrel

The new year started with a rise in oil prices. The unstable situation in Iran outweighed reports from Libya, where a damaged pipeline was repaired.

Brent price has gained 0.7% and has been above $67 a barrel for the first time since the spring of 2015.

On December 28, 2017 an oil pipeline exploded in Libya, boosting the global oil prices. On Saturday, the pipeline was repaired and delivery of oil to the Es Sider terminal resumed. However, traders have shifted their attention to Iran, where mass protests started across the country. This could weigh on the oil output infrastructure.

The growth momentum came from China. Business activity in the manufacturing sector has topped analysts’ expectations, statistics showed.