Oil prices rose on Tuesday amid concerns about the expansion of the conflict in the Middle East and the possibility of a tropical storm later this week affecting production in the United States, the world’s largest crude producer.
Brent crude futures for November rose 21 cents, or 0.3 %, to $74.11 a barrel, while US West Texas Intermediate crude futures for November rose 24 cents, or 0.3 %, to $70.61.
Both crudes closed lower yesterday on concerns about demand.
The US Gulf Coast is expected to face the risk of a hurricane by the end of the week.
Source: National Iraqi News Agency
