5/17, 10:05 AM (Source: TeleTrader)
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Oil trades higher on Middle Eastern tensions

Crude prices traded in the green on Friday, extending gains from the previous session when American benchmark West Texas Intermediate jumped 2%. Investment incentives continued to be boosted by the ongoing tensions in the Middle East and the possible negative effect they can have on global oil supply. On Thursday, Saudi Arabia accused Iran of orchestrating attacks on the country's oil pipelines earlier in the week, sparking fears of escalating tensions in the region.

Meanwhile, OPEC+ continued to implement production caps while market watchers focused on its upcoming meeting in Jeddah, Saudi Arabia this weekend.

WTI for June delivery gained 0.45%, changing hands for $63.15 per barrel at 3:51 am ET while international benchmark Brent for settlements in July added 0.22% to go for $72.82 per barrel at the same time.

Breaking the News / VK