Tuesday 15 May 2018

Brent rose to 3 and a half years maximum

Oil has risen again as a result of continued tensions in the Middle East region, which may have an impact on the supply of raw materials.
The Brent, with delivery next month, returned to the highest levels in the past three and a half years, adding 1.11 dollars, or 1.4% to its value, to a level of 78.23 dollars per barrel. This was the highest level of closure since November 2014.
The rise in US crude oil was not as remarkable as the raw material rose 26 cents, or 0.4 percent to a level of $70.96 a barrel.
Concerns about what's happening in the Middle East have made investors position themselves more in Brent oil.
Collisions between Palestinians and Israeli militaries in Gaza, leaving several dead protesters behind after a US Embassy in Jerusalem opened, have been largely underpinned by rising oil prices.
Last week, Brent rose 3% and US crude oil 1.4% as a result of Trump's decision to abandon the agreement with Iran on the country's nuclear program.


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