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.