Oil prices jumped nearly 3 per cent on Monday after supply disruption hit two key fields.
Norway’s largest oilfield, Johan Sverdrup, has temporarily halted production due to a power outage. Production cuts at Kazakhstan’s Tengiz field have exacerbated supply concerns, said Ole Hvalbye, an analyst with SEB Research.
The international benchmark, Brent crude, which has hovered around $70 a barrel since the US election, rose 2.6 per cent to trade at $72.8 on Monday while WTI, its US counterpart, also rose 2.6 per cent to $68.8.
Shares in US airlines, including United, American and Delta, all fell as one of their main input prices rose.