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5/16/2019, 3:44 PM (Source: TeleTrader)
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Oil jumps over 1% amid Middle East tensions

Crude prices extended gains on Thursday, jumping over 1% on rising tensions in the Middle East which invoked fears of supply disruptions in the region. Saudi Foreign Minister Adel al-Jubeir accused Iran of organizing the attacks on Saudi oil pipelines earlier this week.

Meanwhile, the United Kingdom joined the United States in warning the Iranian threat against its personnel, as well as oil infrastructure in Iraq has increased. The US also ordered the departure of non-emergency government employees from Iraq, while Exxon Mobil evacuated its staff from the West Qurna oil field in southern Iraq. The gains in crude prices were somewhat offset by a rise in US oil inventories of 5.4 million barrels reported a day earlier by the country's Energy Information Administration (EIA).

International benchmark Brent for deliveries in July climbed 1.42% to sell for $72.79 per barrel at 9:32 am ET and West Texas Intermediate (WTI) for settlements in June rose 1.37% to go for $62.82 per barrel at 9:33 am ET.

Breaking the News / NP