Oil prices extend gains into third session amid Middle East tensions


Oil prices extend gains into third session amid Middle East tensions

Oil prices edged up on Thursday to extend gains into a third straight session, as tensions in the Middle East stoked fears of potential disruptions to supply. Brent crude futures were at $72.04 a barrel at 0110 GMT, up 27 cents, or 0.4 percent, from their last close. Brent closed up 0.7 percent on Wednesday.

US West Texas Intermediate (WTI) crude futures were at $62.27 per barrel, up 25 cents, or 0.4 percent, from their previous settlement. WTI closed up 0.4 percent in the previous session.

Analysts said oil was drawing support from heightened tensions in the Middle East, with helicopters carrying US staff from the American embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran.

“(Middle East tensions have intensified), with the US ready to apply pressure in Tehran and evacuating its embassy in Iraq due to security concerns,” said Alfonso Esparza, senior market analyst, OANDA. Read More

Leave a Reply

Your email address will not be published.