Oil prices rise, near $90 amid Middle East tensions, steady OPEC output
Investing.com-- Oil prices rose to five-month highs in Asian trade on Thursday, extending a rash of recent gains as the prospect of worsening geopolitical conditions in the Middle East presented more potential supply disruptions.
Iran threatened retaliation for a perceived Israeli strike on its embassy in Damascus- pointing to worsening conditions in the Middle East. The threat also came as the Israel-Hamas war showed little signs of de-escalating, as a slew of recent ceasefire proposals fell through. The storm of geopolitical factors presented a positive outlook for crude prices, especially given that more supply disruptions could further tighten markets.Crude prices were also cheered by improving economic conditions in top importer China, following a string of positive purchasing managers index readings for March.
The build came as U.S. production remained near record highs- a trend that is expected to somewhat offset a tight outlook for oil markets.seeing a bigger-than-expected draw in the past week. The trend pointed to robust demand in the world’s largest fuel consumer.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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