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[rtl]Editorial date: • [rtl]2019/5/16 11:55[/rtl] • 391 times read[/rtl]
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{International: Al Furat News} Oil prices rose on Thursday for a third session in a row as supply concerns as tensions in the Middle East escalated overshadowed an unexpected surge in US oil inventories.
By 0612 GMT, Brent crude for the year was $ 72.18 a barrel, up 41 cents, or 0.6 percent, from the previous close. Brent closed 0.7 percent higher on Wednesday.
US WTI crude futures were $ 62.40 a barrel, up 38 cents, or 0.6 percent, from the previous settlement price. WTI closed up 0.4 percent in the last session.
Analysts say oil is supported by the risk of conflict in the Middle East after helicopters moved US personnel from the US embassy in Baghdad on Wednesday in a move apparently triggered by fears about perceived threats from Iran.
The rise in US stocks announced overnight helps curb prices, as well as uncertainty over whether OPEC and other producers will stay on production cuts for the second half of the year. Production cuts have supported prices by more than 30 percent since the beginning of 2019.
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that world demand for its crude would outperform this year.
"Although supply side turbulence remains supportive of oil prices, Opec has not yet issued comments containing references to supply plans," said Benjamin Lo, commodities analyst at Philip Futures in Singapore.
The loss of supply from OPEC members Iran and Venezuela, which are currently under US sanctions, deepens the impact of OPEC-led production constraints.
The US Energy Information Administration said US oil inventories unexpectedly rose last week to their highest level since September 2017, to increase 5.4 million barrels, surprised analysts, who expected a drop in stocks 800 thousand barrels.
http://alforatnews.com/modules/news/article.php?storyid=198085
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Oil prices rise for the third session due to tensions in the Middle East
[/rtl][rtl]Editorial date: • [rtl]2019/5/16 11:55[/rtl] • 391 times read[/rtl]
{International: Al Furat News} Oil prices rose on Thursday for a third session in a row as supply concerns as tensions in the Middle East escalated overshadowed an unexpected surge in US oil inventories.
By 0612 GMT, Brent crude for the year was $ 72.18 a barrel, up 41 cents, or 0.6 percent, from the previous close. Brent closed 0.7 percent higher on Wednesday.
US WTI crude futures were $ 62.40 a barrel, up 38 cents, or 0.6 percent, from the previous settlement price. WTI closed up 0.4 percent in the last session.
Analysts say oil is supported by the risk of conflict in the Middle East after helicopters moved US personnel from the US embassy in Baghdad on Wednesday in a move apparently triggered by fears about perceived threats from Iran.
The rise in US stocks announced overnight helps curb prices, as well as uncertainty over whether OPEC and other producers will stay on production cuts for the second half of the year. Production cuts have supported prices by more than 30 percent since the beginning of 2019.
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that world demand for its crude would outperform this year.
"Although supply side turbulence remains supportive of oil prices, Opec has not yet issued comments containing references to supply plans," said Benjamin Lo, commodities analyst at Philip Futures in Singapore.
The loss of supply from OPEC members Iran and Venezuela, which are currently under US sanctions, deepens the impact of OPEC-led production constraints.
The US Energy Information Administration said US oil inventories unexpectedly rose last week to their highest level since September 2017, to increase 5.4 million barrels, surprised analysts, who expected a drop in stocks 800 thousand barrels.
http://alforatnews.com/modules/news/article.php?storyid=198085
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