Oil extends gains into fourth straight day on Middle East tensions


Oil extends gains into fourth straight day on Middle East tensions

Oil prices edged higher on Friday, extending gains into a fourth session as rising tensions in the Middle East stoked fears of potential supply disruptions. Brent crude futures were at $72.82 a barrel at 0024 GMT, up 20 cents, or 0.3%, from their last close. Brent closed up 1.2% on Thursday when prices hit a high of $73.36 a barrel – the highest since April 26.

U.S. West Texas Intermediate (WTI) crude futures were at $63.18 per barrel, up 31 cents, or 0.5%, from their previous settlement. WTI closed up 1.4% in the previous session. “Crude prices continue to rally as Persian Gulf tensions remain elevated and as uncertainty clouds this weekend’s OPEC and its allies meeting on how to adjust production due to the Iranian sanctions,” said Edward Moya, senior market analyst, OANDA. Read  More

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