Oil prices rise on tighter U.S. market, Middle East tensions
Wednesday,
18-Oct-2017
09:25 AM (IST)
Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.Brent crude futures, the international benchmark for oil prices, were at $58.27, up 39 cents, or 0.7 percent from their last close and a third above mid-year levels.U.S. West Texas Intermediate crude futures were at $52.08 per barrel, up 20 cents, or 0.4 percent and almost a quarter above mid-June levels.Traders said that prices were pushed up by a drop in U.S. crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies.
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