Oil Rises on Middle East Tension: Report

By MidnightTrader.com Staff,

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Oil rose for a third day on concern that unrest in the Middle East will disrupt supplies, Bloomberg reported.

Crude futures climbed as much as 0.5% as the U.S. Embassy in Lebanon said it received reports indicating a greater possibility of attacks against U.S. citizens. Crude rose 2.7% last week as the Federal Reserve pledged to start a third round of quantitative easing. Futures pared gains as the euro retreated from a four-month high against the dollar.

Oil for October delivery gained 19 cents to $99.19 a barrel at 12:15 p.m. on the New York Mercantile Exchange. Prices are up 0.4% this year.

Brent for November settlement fell 65 cents, or 0.6%, to $115.46 a barrel on the London-based ICE Futures Europe exchange.

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This article appears in: Investing Commodities
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