Tuesday saw an increase in oil prices for a second day as worries about a tighter European supply grew after Russia, a major energy provider to the area, stopped gas flow through a major pipeline.To build on a 1.9 percent gain the day before, Brent crude futures increased $1.14, or 1.1%, to $106.29 per barrel.
The price of US West Texas Intermediate crude futures rose $1.31, or 1.4 percent, to $98.01 a barrel after rising 2.1 percent on Monday.As Gazprom announced that supplies through the Nord Stream 1 pipeline to Germany would drop to just 20 percent of capacity on Monday, Russia tightened its grip on Europe’s gas market.
The decrease in supplies will prevent countries from refuelling natural gas reserves in time for the winter demand season. Germany, the continent’s largest economy, may have to restrict gas use to industry in order to keep its citizens warm over the winter.
