Oil's Rising Again as Iran's Warning of War Ratchets Up Tensions

Friday, 20 September 2019 08:44 WIB



The threat of war in the Middle East is pushing oil prices higher again, capping one of the most dramatic ever weeks for crude markets in which 5% of the world's supplies were cut by attacks on Saudi production facilities.

Brent crude for November settlement rose 42 cents, or 0.7%, to $64.82 a barrel on the ICE Futures Europe Exchange as of 8:52 a.m. in Singapore on Friday. The global benchmark crude is up 7.7% this week, the most since January.

It's a bullish end to an extraordinary week for oil, during which Brent jumped a record 19% in the first few seconds after trading resumed on Monday following the weekend attacks. Futures pulled back through the middle of the week as the Saudis said they were aiming to restore lost production capacity by the end of the month.

West Texas Intermediate for October delivery rose 64 cents, or 1.1%, to $58.77 a barrel on the New York Mercantile Exchange on Friday.

Source : Bloomberg


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