Brent crude oil futures rose 91 cents, or 1.3%, to settle at US$71.29 a barrel, after earlier dipping below $70 for the first time since July 21. U.S. West Texas Intermediate (WTI) crude futures rose 94 cents, or 1.4%, to settle at $69.09 a barrel. Both benchmarks fell more than $2 on Wednesday to a two-week low.
NEW YORK: Oil prices rose more than 1% on Thursday on increasing Middle East tensions, but gains were capped as fresh restrictions to counter a surge in COVID-19 cases threatened the global energy demand recovery.
Brent crude oil futures rose 91 cents, or 1.3%, to settle at US$71.29 a barrel, after earlier dipping below $70 for the first time since July 21. U.S. West Texas Intermediate (WTI) crude futures rose 94 cents, or 1.4%, to settle at $69.09 a barrel.
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