Crude Oil Price Rebounds to $73 over Middle East Tensions
Crude oil price Thursday rose for a third day running rebounding to $73.28 per barrel as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling United States crude inventories.
While the global benchmark, Brent settled at $73.28, after rising by $1.51and heading for the biggest weekly rise in about three months, the US West Texas Intermediate (WTI) crude rose by 83 cents to $62.85.
Brent had in the recent months hit $76 before it slumped to $70 per barrel.
Crude oil price was drawing support from the risk of conflict in the Middle East, with helicopters carrying US staff from the US embassy in Baghdad on Wednesday out of apparent concern over perceived threats from Iran……..read more
Source: This Day