Oil prices climb as middle east tensions offset demand worries


Oil prices climb as middle east tensions offset demand worries

Oil prices rose about 1 per cent on Friday after steep losses a day earlier, supported by rising tensions between the United States and Iran, even as concerns that slowing economic growth could dent global oil demand cast a cloud.

For the week, benchmark crude prices declined, having fallen sharply earlier in the week on demand worries. Brent crude LCOc1 futures settled 54 cents higher at $62.47 a barrel. West Texas Intermediate crude CLc1 futures rose 33 cents to end the session at $55.63 a barrel.

Still, WTI dropped 7 per cent for the week and Brent lost about 5.5 per cent for the week, the steepest losses for both benchmarks since late May.

Prices gained late in the session after Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route. Read More

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