Oil prices rose on Thursday for a third day running as fears of supply disruptio...
LONDON - Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.
Brent crude futures were up 35 cents at $72.12 a barrel by 1025 GMT, heading for the biggest weekly rise in six weeks.Oil was drawing support from the risk of conflict in the Middle East, with helicopters carrying U.S. staff from the U.S. embassy in Baghdad on Wednesday out of apparent concern over perceived threats from Iran.
A rise in U.S. crude oil inventories to their highest since 2017 helped to cap prices, though government data [EIA/S] pointed to a smaller increase than previous industry data, with falling gasoline stocks also providing some price support. “There is ... more supply at risk to a new U.S. war in the Middle East than demand at risk to the continuation of the trade war with China,” Petromatrix analyst Olivier Jakob said in a note.
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