Oil recovers after $3 drop

OIL prices recovered rapidly yesterday having fallen by $3 on Thursday following the massive terror alert at Britain’s airports.

Brent crude was back up at $75.99, still well short of Tuesday’s peak of $78.65, sparked by the loss of 400,000 barrels of oil per day (bpd) from BP’s field in Alaska.

Experts warned yesterday the global oil situation remained on a knife edge as the International Energy Agency said the world can cope for now with the loss of about one million bpd of oil from Alaska and Nigeria, but the pressure is on exporter group OPEC to fill that gap.