| The oil price remains stubbornly weak, but renewed tensions in the Middle East have prompted intense volatility and, eventually, a steady rally through this afternoon. During the Asian session overnight the US and international benchmarks rose as much as 3.4 and 2.4 per cent respectively compared to where they had ended 2015, touching close to $38.50 a barrel.
Gains were later pared and Brent crude, which determines prices paid around the world including for oil exported from the North Sea, was up just 0.4 per cent to $37.40 a barrel this morning. But this again turned as the day wore on and by late afternoon in London Brent was up 3.9 per cent at $38.70...............................................Full Article: Source
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