Oil Prices Up over Unresolved US-Iran War, Brent Tops $96
Oil rallied in global markets on an unresolved US-Iran conflict. Brent crude oil prices edged higher on persistent geopolitical tensions in the Middle East, while larger-than-expected US crude inventories capped gains.
International benchmark Brent crude futures for January delivery rose about 0.96% to $96.74 a barrel, up from the previous close of $95.82.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery increased 0.4% to $89.09 a barrel, down from $88.74 at the previous close.
US President Donald Trump said Thursday that he may use military force against Iran “right now” if US allies and ships are threatened.
Asked during an interview with the Salem News Channel whether he would hesitate to use force to stop Iran from “terrorising our allies and our ships,” he answered, “No hesitation. We’re doing very well with it right now.”
“But the answer is, if I saw things going the other way, I would do that, and it’s possible I would do it right now,” he added. Meanwhile, higher-than-expected US crude inventories, in the world’s largest oil consumer, weighed on prices.
US commercial crude oil inventories rose 1.1% in the week ended Nov. 6, according to data the Energy Information Administration (EIA) released Thursday.
Inventories rose about 4.7 million barrels to 414.4 million barrels, while market expectations pointed to a decrease of about 600,000 barrels.
Strategic petroleum reserves, excluded from commercial crude stocks, decreased by about 2.6 million barrels to 279.5 million barrels.
Over the same period, gasoline inventories rose by approximately 1.8 million barrels to 210.8 million barrels. #Oil Rallies over Unresolved US-Iran Disagreement, Brent Tops $96 FCCPC to Monitor Petrol Pump Price as Oil Dips Below $90
