Global Oil Prices Register Further Gains Across International Markets; US Crude Rises to $94.08 per Barrel
LONDON: International crude oil prices continued to build on a new upward swing in global trading sessions, as sustained supply worries and developing regional geopolitical tensions continued to push prices higher.Commodities market data and International trading reports indicate that:US Crude Oil (WTI):
The benchmark oil price in the United States rose 1.60% to $94.08 a barrel. British benchmark Brent crude rose 1.84% to $107.20 a barrel.
Meanwhile, United Arab Emirates (UAE) Murban crude rose by a significant 3.38% to trade at $116.90 per barrel.
Persistent bottlenecks, coupled with the geopolitical changes in major exporting areas, persist as a factor that renders prices of the energy market sensitive to short-term news flow, market sentiment and supply volatility, according to market analysts.