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Saturday, 14 October 2017

Oil prices rise on Middle East Worries

Oil prices rose on Friday, as tumult in the Middle East underpinned the market. The WTI for November delivery on Friday reportedly increased USD 0.85 to settle at USD 51.45 a barrel on the New York Exchange, while Brent crude for December delivery rose USD 0.92 to close at USD 57.17 per barrel on the London ICE Futures Exchange.

US President Donald Trump said on Friday that he had decided to decertify Iran’s compliance with the landmark deal reached in 2015.

Analysts are of view that disorder in the Middle East and possible US action on the Iran nuclear deal heightened the oil prices, since traders are under geopolitical worries. On the data front, the number of rigs operating in U.S oil fields fell by 5 to a total of 743 rigs this week.


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