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Oil prices rally on geopolitical tensions

Xinhua,April 12, 2018 Adjust font size:

NEW YORK, April 11 (Xinhua) -- Oil prices rose on Wednesday amid rising geopolitical tensions in the Middle East.

U.S. President Donald Trump tweeted on Wednesday morning, saying Russia should get ready for missile attacks against Syria. Analysts said the tweet gave investors fresh concerns over the potential oil supply disruptions in the region.

Oil prices rallied following Trump's words, with the Brent oil price touching the highest level in more than three years.

On the data front, the U.S. Energy Information Agency said in its weekly report on Wednesday that the commercial crude inventories in the United States rose by 3.3 million barrels in the week through April 6 as oil imports jumped, beating market expectations.

The West Texas Intermediate (WTI) for May delivery rose 1.31 U.S. dollar to settle at 66.82 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 1.02 dollar to close at 72.06 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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