ISTANBUL, July 29 – Oil prices rose on Monday due to concerns about an escalating conflict in the oil-rich Middle East, reported Anadolu.
International benchmark Brent crude traded at US$80.67 per barrel at 09.51 am local time (0651 GMT), an increase of 0.49 per cent from the closing price of US$80.28 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at US$77.50 per barrel at the same time, a 0.44 per cent rise from the previous session that closed at US$77.16 per barrel.
Both benchmarks started the week with upward movements following an attack in the Israeli-occupied Golan Heights.
Despite ceasefire negotiations, escalating geopolitical tensions in the Middle East, home to a vast majority of global oil reserves, increase supply risk in the markets.
Gains were weak as the outlook for crude demand in the world’s largest crude oil importer remained bleak.
Prices continue to be depressed by concerns about demand in China as it grapples with a slowing economic recovery.
This week, market players will be watching the US Federal Reserve’s (Fed) meetings in a bid to gauge the oil market trajectory.
