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Oil extends gains into fourth straight day on Middle East tensions

Published 05/17/2019, 09:14 AM
Updated 05/17/2019, 09:20 AM
Oil extends gains into fourth straight day on Middle East tensions
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SYDNEY, May 17 (Reuters) - Oil prices edged higher on
Friday, extending gains into a fourth session as rising tensions
in the Middle East stoked fears of potential supply disruptions.
Brent crude futures LCOc1 were at $72.82 a barrel at 0024
GMT, up 20 cents, or 0.3%, from their last close. Brent closed
up 1.2% on Thursday when prices hit a high of $73.36 a barrel -
the highest since April 26.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $63.18 per barrel, up 31 cents, or 0.5%, from their previous
settlement. WTI closed up 1.4% in the previous session.
"Crude prices continue to rally as Persian Gulf tensions
remain elevated and as uncertainty clouds this weekend's OPEC
and its allies meeting on how to adjust production due to the
Iranian sanctions," said Edward Moya, senior market analyst,
OANDA.
A Saudi-led military coalition in Yemen carried out several
air strikes on the Houthi-held capital Sanaa on Thursday after
the Iranian-aligned movement claimed responsibility for drone
attacks on two Saudi oil pumping stations earlier in the week.
U.S. President Donald Trump has told his top advisers he
does not want to get the United States involved in a war with
Iran, three U.S. officials said on Thursday. The market is also awaiting the decision of the Organization
of the Petroleum Exporting Countries (OPEC) and other producers
on whether to continue with supply cuts that have boosted prices
more than 30% so far this year.
A meeting of OPEC's ministerial monitoring committee in
Saudi Arabia this weekend will assess member states' commitment
to a deal reducing oil production, Iraq's oil minister said on
Thursday.

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