Prospects for escalation in the Middle East raise oil pricesBy Rudao 2 hours ago
Prospects for escalation in the Middle East raise oil prices
Oil prices, with the start of today's
trade , May 16, 2019, have seen a rally due to the potential for escalation in the Middle East and its potential impact on supply in global markets.
The price of a barrel of Brent crude rose 0.7% to $ 71.77 a barrel, Texas crude by 0.4% to $ 62.06.
This comes as the US Energy Information Administration announced the rise of oil reserves in America by 5.4 million barrels.
The Yemeni Houthi yesterday targeted a drone, two Saudi oil production stations, two days after four ships were attacked in the Gulf, which pushed oil prices to rise regardless of the rise in US oil reserves.