Oil prices are rising on global markets: key factors
28 May 09:35
Oil prices rose by more than 3.5% during trading on Thursday, May 28, amid reports of a new escalation in the Middle East conflict. This was reported by "Komersant Ukrainian", citing Interfax-Ukraine.
As of 8:15 a.m. local time, July Brent futures on the London ICE Futures exchange were trading at $97.7 per barrel, up $3.41 (3.62%) from the previous session’s close. On Wednesday, these contracts fell by $5.29 (5.31%) to $94.29 per barrel.
July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have risen by $3.37 (3.8%) to $92.05 per barrel as of this time. At the close of the previous session, their price had fallen by $5.21 (5.55%) to $88.68 per barrel.
“Oil supplies from the region remain limited, and key contentious issues have yet to be resolved,” notes ANZ commodities strategist Daniel Hynes.
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