Oil rises but set for weekly loss as demand fears outweigh geopolitics


Oil rises but set for weekly loss as demand fears outweigh geopolitics

Oil rose about 1% on Friday after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.

Brent crude futures were up 66 cents at $61.97 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 49 cents a barrel at $52.79. The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday.

It was the second time in a month tankers have been attacked in the world’s most important zone for oil supplies as tensions increase between the United States and Iran. Read More

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