Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field.
Brent crude futures climbed 85 cents, or 1.4%, at $63.32 a barrel by 0404 GMT. The international benchmark rose by $1 earlier.
West Texas Intermediate (WTI) crude futures were up 47 cents, or 0.8%, at $56.10 a barrel.
WTI fell over 7% and Brent fell more than 6% last week.
“Falling global demand and rising U.S. stockpiles have helped turn oil charts very bearish, but that may not last as tensions remain high in the Persian Gulf,” Edward Moya, senior market analyst at OANDA in New York, said in a note.
https://api.whatsapp.com/send?phone=8445765201