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Oil Prices Rise Amid Tensions in Middle East


Thursday, 16 May 2019 13:06 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices extended gains on Thursday in Asia amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.

U.S. Crude Oil WTI Futures rose 0.7% to $62.45 by 12:20 AM ET (04:20 GMT). International Brent Oil Futures gained 0.6% to $72.22.

Intensifying tensions in the Middle East were cited as pushing oil prices higher.

"(Middle East tensions have intensified), with the U.S. ready to apply pressure in Tehran and evacuating its embassy in Iraq due to security concerns," said Alfonso Esparza, senior market analyst at OANDA, at a Reuters report.

Meanwhile, the Energy Information Administration reported a surprise increase in U.S. stockpiles, but the inventory data was largely overshadowed by the crisis in Middle East.

Source : Investing.com


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