Oil prices firm on rising political risk, but ample supply caps gains

5 Jul 2017   Prices

Oil markets were firm on Wednesday on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led drive to rein in production. Brent crude futures, the international benchmark for oil prices, were at $49.63 per barrel at 0155 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were also steady, at $47.06 per barrel. Both markets have recovered around 12 percent from recent lows on June 21. Traders said that firm prices came on the back of a sense of rising global security risk following North Korea’s repeated missile tests and the political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. “Rising geopolitical risks should […]

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