Reported 8 months ago
Oil prices inched up in early trade due to concerns about escalating conflicts in Europe and the Middle East, overshadowing worries about demand following an unexpected increase in U.S. crude inventories. Brent crude futures for August delivery were up 6 cents to $85.39 a barrel, while U.S. West Texas Intermediate crude for June rose 10 cents to $81.67 per barrel. The rise was attributed to conflict-related concerns, including a Ukrainian drone strike impacting a major Russian port and warnings of an impending war in the Middle East. Despite a surprise 2.264 million barrel increase in U.S. crude stocks, gasoline inventories fell and distillates rose slightly.
Source: YAHOO