Oil Prices Rise On Middle East Tension, But Soaring U.S. Output Caps Gains

Oil prices edged up on Tuesday, lifted by tensions in the Middle East, although rising output in the United States and shaky stock markets put a lid on further gains. U.S. West Texas Intermediate (WTI) crude futures were at $62.31 a barrel at 0128 GMT, up 25 cents, or 0.4 percent, from their previous close. Brent crude futures were at $66.26 per barrel, up 21 cents, or 0.3 percent.
Traders pointed to concerns in the Middle East, where the United States may reimpose sanctions on Iran, as well as tensions between Saudi Arabia and Iran. Worries about Venezuela’s tumbling crude production also supported oil markets. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774