Oil rises as investors mull supply threats
LONDON: Oil prices rose on Wednesday, with Brent futures holding above US$100 a barrel, amid continued Middle East supply risks and a storm heading for oil-producing regions in the US.
Oil prices climbed on Wednesday, as Brent futures exceeded $100 a barrel, amid ongoing Middle East supply risks and a storm approaching oil-producing regions in the US. Brent crude futures increased by $1.22, or 1.21%, to $101.80 a barrel, while US West Texas Intermediate (WTI) crude gained 46 cents, or 0.51%, to $89.90. Analysts noted that while there is a lack of conviction in the market regarding the sustainability of recent supply and export increases from the Middle East, downward pressure on prices was alleviated due to the impending US storm and conflict in the Middle East and Ukraine.
Additionally, Yemen's Houthis attacked Aden international airport with ballistic missiles and explosive-laden drones, while Ukraine struck two Russian oil facilities and Russia pounded Ukraine with missiles and drones, further tightening fuel markets.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
