Oil prices rose to their highest levels since May early on Monday as a dip in US output tightened the market and the threat of sanctions against Venezuela kept traders on edge.
Brent crude futures, the international benchmark for oil prices, were trading up 18 cents or 0.3 per cent at $52.70 per barrel at 0009 GMT. Prices earlier hit $52.76, the highest level since May 25.
US West Texas Intermediate (WTI) crude futures were up 11 cents, or 0.2 per cent, at $49.82 per barrel.
Brent prices for delivery in September are currently around 35 cents above those for October.
After rising by more than 10 per cent since mid-2016, US oil production dipped by 0.2 per cent to 9.41 million barrels per day (bpd) in the week to July 21.
US crudeoil inventories have fallen by almost 10 per cent from their March peaks to 483.4 million barrels.
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Brent crude futures, the international benchmark for oil prices, were trading up 18 cents or 0.3 per cent at $52.70 per barrel at 0009 GMT. Prices earlier hit $52.76, the highest level since May 25. US West Texas Intermediate (WTI) crude futures were up 11 cents, or 0.2 per cent, at $49.82 per barrel.
Brent prices for delivery in September are currently around 35 cents above those for October.
After rising by more than 10 per cent since mid-2016, US oil production dipped by 0.2 per cent to 9.41 million barrels per day (bpd) in the week to July 21.
US crudeoil inventories have fallen by almost 10 per cent from their March peaks to 483.4 million barrels.
For Join Us : www.paceresearchindia.com and Call : 8817774774
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