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Global oil prices edge up on supply concerns

Bapun Raz

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LONDON, AUG 14:
Global oil prices edged higher today, supported by tight supply worries and tensions in the crude-rich Middle East, but were off three-month highs struck a day earlier for the same reasons.

Brent North Sea crude for delivery in September edged up one cent to $113.61 a barrel in late London deals.

Yesterday, it had hit $115.11 —— the highest level since early May —— before falling back on profit-taking.

In today’s trading, New York’s main contract, light sweet crude for September, gained 59 cents to $93.32 a barrel.

“The increase in the price of Brent comes courtesy of special factors such as a 17 per cent lower North Sea production in September and escalation of the tensions in the Near and Middle East,” said Commerzbank analysts in a research note.

“In recent days, rhetoric between Iran and Israel has significantly intensified, fuelling fears of a military conflict,” they added.

North Sea crude supply was set to be curtailed in September primarily by the shutdown of an oil field for scheduled maintenance.

TheHinduBusinessline
 
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