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Oil prices rise slightly amid Middle East fears

April 17, 2018 11:03 AM
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Oil prices rise slightly amid Middle East fears

Mubasher: Oil prices have been volatile on Tuesday, having traded higher earlier in the day, fallen slightly then resumed gains amid tensions in the Middle East, particularly the recent airstrikes on Syria led by the US, UK, and France.

By 10:44 am GMT, Brent crude edged up 0.03% to $71.44 per barrel (pb), while US crude (Nymex) added 0.08% to reach $66.27 pb.

Last week, Nymex futures had benefitted from the regional tension, gaining 8% across the week.

Later on Tuesday, the American Petroleum Institute will announce preliminary US oil stockpile data.

On Monday, the Energy Information Administration (EIA) forecast that US shale production would increase in May, registering its fourth straight increase.


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