Oil prices climb amid geopolitical tensions

0 Comment(s)Print E-mail Xinhua, July 20, 2019
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NEW YORK, July 19 (Xinhua) -- Oil prices rebounded on Friday amid new concerns over tensions in the Middle East, which may disrupt the flow of crude.

The West Texas Intermediate for August delivery rose 0.33 dollar to settle at 55.63 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.54 dollar to close at 62.47 dollars a barrel on the London ICE Futures Exchange.

Iran's Islamic Revolution Guards Corps (IRGC) on Friday seized British oil tanker Stena Impero in the Strait of Hormuz, an IRGC statement said.

"The British vessel was captured for failing to respect the international maritime rules while passing through the Strait of Hormuz," said the statement.

The incident has raised the potential for disruptions to the flow of crude through the Strait of Hormuz, experts noted.

However, compared with the losses in the previous sessions, the gains were modest.

"It appears that there are growing concerns on the oil market about a renewed oversupply. Demand is developing less robustly than anticipated," Commerzbank analyst Carsten Fritsch said in a note. Enditem

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