Brent crude futures are hovering around $105.4 per barrel.
Supply disruptions in Nigeria, Africa’s largest crude producer, and in Libya, home to Africa’s largest oil reserve, have helped support Brent prices.
Meanwhile, looking at the equities space, oil and gas explorers are outperforming. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSEArca: XOP) has gained 11.9% over the past three months and increased 32.9% year-to-date. The iShares U.S. Oil & Gas Exploration & Production ETF (NYSEArca: IEO) added 9.9% in the last three months and is up 32.9% year-to-date.
U.S. Oil Fund
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Max Chen contributed to this article.