Brent Crude Oil gains as shale oil tipped to be major growth provider
City Index February 14, 2013 4:45 PM
<p>Brent Crude values have jumped following a report by PwC on the impact shale oil will have on the global market.</p>
Brent Crude Oil Futures have made headway in commodities trading this morning (February 14th), following a major report indicating shale oil could provide a significant boost to the global economy.
According to PwC, the extra production of the fuel – which is extracted from the ground via a process known as fracking – could provide $2.7 trillion (£1.7 trillion) by 2035.
Furthermore, the extra supply could reach up to 12 per cent of global oil production – or 14 million barrels every day – and push global oil prices lower by 40 per cent.
In the report, PwC said that the level of global growth could soar by around as much as 3.7 per cent by the extra supply of shale oil, which is the equivalent of adding an economy of around the same size as the UK to the international market in the coming two decades, the BBC reports.
At 10:35 GMT, Brent Crude Oil Futures rose by 0.3 per cent to $118.20 per barrel.
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