Escalating geopolitical tensions have pushed crude oil prices back above US$108 per barrel.
As international news agencies switch between crises in Ukraine and Gaza risk premiums continue to flood back into oil markets.
Reduced oil supplies out of Libya and a forecast drop in America’s oil surplus were also behind the increasing price.
In London trading Brent Crude futures were up just over 30 cents per barrel changing hands a shade over US$108, whilst West Texas Intermediary futures dipped slightly to US$102.60.
Stockpile stats from the American Petroleum Institute are expected to show a near 3mln barrel draw for the last week. As usual the figures will give oil traders a steer on American fuel demand, and will be followed by corresponding stats from the US Energy Department.
- Forums
- International Markets
- News: Brent crude back above US$108 a barrel amid rising tensions