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VSA Capital Market Movers - Independent Resources

Published: 05:23 17 May 2016 EDT

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Independent Resources (LON:IRG) has completed a £200k convertible loan to increase its immediate working capital and will be convertible at the option of IRG at any point after issue. The loan will accrue at a rate of 5% per week.

Benchmark Prices
Brent has edged closer to US$50/bbl on the back of supply disruptions in Nigeria as oil production from the country fell to 1.4mboepd (a decrease of 800kboepd from its usual output), its lowest level in decades.

Further to this the Venezuelan government has extended its emergency powers during its deepening crisis and highlights the instability of another oil producing country.

The wild fires in Canada and a positive report from the IEA indicating demand for crude was likely to increase rather than decrease has meant the US$50/bbl mark could be breached.
- Brent:   US$48.97/bbl +US$1.14/bbl
- WTI:   US$47.72/bbl +US$1.51/bbl
- Henry Hub:   US$2.03/MMBtu -US$0.07/MMBtu

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