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Oil up as Saudis Accuse Iran of Sabotage; IEA Still Points to Glut
Friday, 17 May 2019 02:23 WIB | ENERGY |Minyak jenis BrentMinyak WTI Berjangka

Never mind that nearly six million barrels of crude piled up in U.S. storage last week, or that the International Energy Agency still thinks there's an oversupply despite six months of OPEC cuts.

The Saudis are accusing the Iranians of being the unseen hands in this week's sabotage of the kingdom's oil industry, and that's all that seemed to be needed to give crude a third-straight day of gains.

West Texas Intermediate futures, the benchmark for U.S. crude, settled up 85 cents, or 1.4%, at $62.87 per barrel, its highest close in two weeks.

London Brent futures, the global benchmark for oil, rose by 95 cents, or 1.3%, to $72.72 by 3:07 PM ET (19:07 GMT), after racing to a three-week high of $73.36.

Source: Investing.com

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