Oil Touches USD110 a Barrel for First Time Since May
20 Articles
20 Articles
The price of Brent crude oil in global market trading rose by 3.72% to $109.86 per barrel, a growth that has brought the price of this oil index close to $110.
Brent touches US$110 for the first time since May on Middle East tensions
Brent crude reached US$110 a barrel on Friday for the first time since May, driven by fears that escalation in the Middle East could further tighten supplies and by doubts over how much diesel Russia can supply to the market. Brent settled 3.7% higher at US$109.86, its highest since May 19, while US benchmark WTI rose 3.5% to US$101.41.
Brent crude oil prices hit $110 a barrel for the first time since May as attacks on merchant ships in the Strait of Hormuz intensified and the market weighed on the risk of a new supply cut from the Persian Gulf. Brent futures closed at $109.86 a barrel on October 16, up $3.94, or 3.7%, and their highest close since May 19. U.S. West Texas Intermediate (WTI) crude rose $3.44, or 3.5%, to $101.41 a barrel. Brent has gained 4.9% for the week, whil…
Oil reaches $110 per barrel
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Oil hits $110 per barrel for first time since May An international oil benchmark hit $110 per barrel on Friday, as the industry faces persistent shocks from the U.S.-Iran and Russia-Ukraine wars. © Kamran Jebreili, Associated…
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