SINGAPORE — Oil prices rose on Monday, buoyed by concerns that heightened conflict in the Middle East may curtail regional supply and expectations that last week's outsized US interest rate cut will support demand.
SINGAPORE — Oil prices rose on Monday, buoyed by concerns that heightened conflict in the Middle East may curtail regional supply and expectations that last week's outsized US interest rate cut will support demand.Brent crude futures for November were up 60 cents, or 0.8 percent, at $75.09 a barrel at 0415 GMT. US crude futures for November were up 64 cents, or 0.9 percent, at $71.64.
'However, price gains have been somewhat more measured, which may reflect some reservations over the actual impact on oil supplies, given that the Middle East conflict has been dragging for some time now with little disruptions so far,' he added.Hezbollah, an Iranian-backed group based in Lebanon, and Israel exchanged heavy fire into Sunday, as the group sent rockets deep into northern Israeli territory after facing some of the most intense bombardment in almost a year of conflict.
Prices Rise On Middle East Tension
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