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Oil heads for weekly gain as Middle East keeps market on edge

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Energy

Brent crude futures rose 33 cents to $74.71 a barrel by 1003 GMT, while U.S. West Texas Intermediate crude was up 31 cents to $70.50

Oil prices were heading for a weekly gain of about 2 per cent, with Friday’s prices were little changed on the day as traders were kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days.

Both benchmarks have fluctuated this week, rising on Monday and Tuesday before falling on Wednesday and Thursday, largely on expectations of heightened or reduced Middle East risk.Investors continue to await Israel’s response to a missile attack by Iran on Oct. 1, which could involve strikes on Tehran’s oil infrastructure.

 

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Oil prices slip on higher U.S. crude stocks; market watches Middle EastBrent crude futures dropped 73 cents to $75.31 a barrel by 0917 GMT, while U.S. West Texas Intermediate crude futures shed 74 cents to $71.00
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