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Oil extends gains into third session amid Middle East tensions

Published 05/16/2019, 09:52 AM
Updated 05/16/2019, 10:00 AM
Oil extends gains into third session amid Middle East tensions
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By Colin Packham
SYDNEY, May 16 (Reuters) - Oil prices edged up on Thursday
to extend gains into a third straight session, as tensions in
the Middle East stoked fears of potential disruptions to supply.
Brent crude futures LCOc1 were at $72.04 a barrel at 0110
GMT, up 27 cents, or 0.4%, from their last close. Brent closed
up 0.7% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $62.27 per barrel, up 25 cents, or 0.4%, from their previous
settlement. WTI closed up 0.4% in the previous session.
Analysts said oil was drawing support from heightened
tensions in the Middle East, with helicopters carrying U.S.
staff from the American embassy in Baghdad on Wednesday out of
apparent concern about perceived threats from Iran. "(Middle East tensions have intensified), with the U.S.
ready to apply pressure in Tehran and evacuating its embassy in
Iraq due to security concerns," said Alfonso Esparza, senior
market analyst, OANDA.
However, a surprise increase in U.S. stockpiles was dragging
on prices.
U.S. crude inventories rose unexpectedly last week to their
highest since September 2017, while gasoline stockpiles
decreased more than forecast, the Energy Information
Administration (EIA) said.
Crude stocks USOILC=ECI swelled by 5.4 million barrels,
surprising analysts who had expected a decrease of 800,000
barrels.


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