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Oil markets are concerned about the Middle East crisis
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 Arab and international |
Economy News _ Baghdad Oil markets remained tense on Thursday amid fears of a military escalation in Syria, although prices remained below Wednesday's highest level, the highest since late 2014, as the abundance of US supplies has weighed on the market. Traders say trade disputes between the United States and China have kept the market anxious. By 0536 GMT, global crude oil futures were up $ 72.14 a barrel, up 8 cents, or 0.1 percent, from the previous close. US West Texas Intermediate crude futures rose to $ 67.03 a barrel, up 21 cents, or 0.3 percent, from the previous settlement price. In China, Shanghai crude futures also rose 8.9 yuan to 427.1 yuan ($ 68.03) a barrel, up 2.1 percent, as record volumes of contracts opened in late March. Brent crude and West Texas Intermediate crude hit their highest levels since late 2014 at $ 73.09 and $ 67.45 a barrel on Wednesday, after Saudi Arabia said it had intercepted rockets over Riyadh and US President Donald Trump warned Russia of imminent military action in Syria. Current fears of a prolonged trade dispute between the United States and China have also kept the market anxious. Despite market tension, supplies remain plentiful, especially in the United States. US oil inventories rose 3.3 million barrels to 428.64 million barrels. At the same time, the US crude oil production last week reached a new record of 10.53 million barrels per day, up by a quarter compared to the level in mid-2016. |
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