Oil Hits 2-Week High On Share Market Recovery

Oil prices hit their highest level in nearly two weeks on Monday, lifted by a global equity market recovery and tensions in the Middle East, although concerns of rising U.S. production tempered gains. European shares rose for a fourth straight session, with global stocks set for a sixth session of gains, following a sell-off triggered by fears of creeping inflation and higher borrowing costs. Brent crude was up 89 cents at $65.73, after rising to an 11-day high of $65.75 a barrel earlier in the session. U.S. West Texas Intermediate crude for March delivery was up 82 cents at $62.50 a barrel, after earlier gaining as much as 1.44 percent to its highest since Feb. 7. Israeli Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774