Brent rises $2 after Kuwait reserve report

LONDON, Jan 20 (Reuters) – London Brent crude futures rose $2 on Friday to its highest level since early September after a report that Kuwait’s oil reserves are only half those officialy stated.

March Brent rose $2.01 to $67.24 a barrel after industry newsletter Petroleum Intelligence Weekly (PIW) reported it had seen internal Kuwaiti records showing that Kuwait’s reserves were about 48 billion barrels, compared to the officially stated 99 billion barrels.
Ahead of the report, Brent had already gained $1.50 on mounting concern about supply from Iran and Nigeria had already fuelled a rally of $1.50.

Reuters