Oil continues its price escalation and closed at $ 47.72 

Texas Intermediate oil (WTI) rose by 3.26% yesterday and closed at $ 47.72 per barrel, its highest level in five months, a $ 1.51 advance over the previous close.

The benchmark oil in the US, which is used as an indicator for Ecuador, continued its upward trend of recent days to levels that were not seen since November.

Analysts attributed the sharp rise of the “black gold” to the uncertainty in the commodity markets for supply disruptions in Nigeria and Canada.