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World Oil Prices Grow Due to News From Middle East

Oil quotes on Monday morning have shown a growth. Brent crude at 10:30 EET was selling at $67.75, whilst WTI with June delivery was trading at $61.60 per barrel. At last week’s close, North Sea oil on June contracts was trading at $66.88 a barrel and the price of light crude with delivery in June at the close of the New York session was $59.84 per barrel.

A growth in the prices of oil on Monday is down to the resumption of military action in Yemen and also due to ISIS seizing more territory.

Following the end of the humanitarian truce in Yemen, last night planes from the Arab coalition conducted air strikes on the city of Aden.

ISIS fighters have taken another Iraqi city, Ramadi. The important oil infrastructure in Iraq and Yemen hasn’t yet been touched, but in any case investors are reacting to events negatively. The active developments in the conflicts in the Middle East are facilitating the growth in the oil price.

Today Brent crude will try to test the $68.4 per barrel level and WTI will try to exceed $61.79 a barrel and continue the assault on the $62.5 a barrel level.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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