Oil rises as Middle East tension rise.
Oil prices are rising for a second straight day amid concerns over Middle Eastern supply worries as tensions in the region escalate and after a larger-than-expected drawdown on US inventories.
News of further tensions in the Red Sea combined with a full shutdown of Libya’s Sharara oil fields due to local protests have brought supply concerns back under the spotlight. Oil prices jumped around 3% on Wednesday, snapping a 5-day losing streak as investors fretted over supply disruptions.
Data from the API also showed that crude stockpiles fell by 7.4 million barrels, which was double the expected drawdown.
EIA oil data is due later today.
WTI crude trades +0.85% at $73.05
Brent trades +0.45% at $78.50 $Crude Oil Futures(JUN4)(CLmain.US$ $Chevron(CVX.US$ $Exxon Mobil(XOM.US$
News of further tensions in the Red Sea combined with a full shutdown of Libya’s Sharara oil fields due to local protests have brought supply concerns back under the spotlight. Oil prices jumped around 3% on Wednesday, snapping a 5-day losing streak as investors fretted over supply disruptions.
Data from the API also showed that crude stockpiles fell by 7.4 million barrels, which was double the expected drawdown.
EIA oil data is due later today.
WTI crude trades +0.85% at $73.05
Brent trades +0.45% at $78.50 $Crude Oil Futures(JUN4)(CLmain.US$ $Chevron(CVX.US$ $Exxon Mobil(XOM.US$
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