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Commodities Briefing - Categorized | Oil, Trading more

Middle East supply fears send oil prices higher

Posted on 06 August 2014

Oil prices rose in Asia Tuesday on fresh fears of supply disruptions in the Middle East, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery rose 10 cents to $98.39, while Brent crude for September gained 15 cents to $105.56 in afternoon trade.
“We haven’t seen signs so far that the ongoing conflicts in the Middle East could cause disruptions, but those concerns are still there at the back of investors’ minds,” Desmond Chua, market analyst at CMC Markets in Singapore, said. WTI on Monday snapped a five-day losing streak to gain 41 cents in New York trade following continued violence in crude producer Libya, where at least 22 more people died in Tripoli over the weekend………………………………………..Full Article: Source


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