Middle Eastern Tension Causes Oil To Rise – 16 May, 2019

Oil is on track for its first weekly gains this month after rising Middle Eastern tensions caused concern for supply disruptions. U.S. West Texas Intermediate crude futures were up 46 cents and 0.7 percent to $63.32 per barrel, up 2.7 percent for the first rise in four weeks. International Brent crude futures were up 38 cents and 0.5 percent to $73.00 per barrel, up 3.4 percent for the week and on track to gain for the first time in three weeks. Iran claimed responsibility for drone attacks on Saudi oil pumping stations this week, causing Saudi to lead a military coalition in Yemen to carry out air strikes on Sanaa. Producers are also waiting for OPEC’s cues on whether to continue supply cuts during their meeting in Saudi Arabia this week.