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Crude Oil Gains amid Tensions Between USA & Saudi Arabia

October 15, 2018 at 18:48 by Vladimir Vyun

Prices for crude oil rose today amid growing tensions between the United States and Saudi Arabia. The USA threatened actions against the Middle Eastern nation if it turns out to be responsible for the disappearance of journalist Jamal Khashoggi. If that happens, Saudi will not be able to replace supply from Iran lost due to US sanctions, creating a very undersupplied market.

Gains of crude were limited by signs of increasing supply in the United States. Baker Hughes reported on Friday that the number of US oil rigs increased by 8 to 861 last week. It was the first weekly increase after three weeks of a decline. Furthermore, it was the biggest increase since the week that ended on August 10.

Futures for delivery of WTI crude oil in November advanced 0.49% to $71.69 per barrel as of 18:35 on NYMEX today. December Brent crude gained 0.34% to $80.70 per barrel on ICE.

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