BEIJING: Crude oil prices climbed again in global markets on Wednesday as concerns over potential disruptions to oil supplies from the Middle East and risks to Saudi Arabia’s energy infrastructure continued to weigh on market sentiment. Brent crude rose above $109 a barrel, while US crude prices also recorded gains.
Brent crude futures increased by 85 cents, or 0.78%, to $109.64 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained 76 cents, or 0.78%, to reach $98.58 per barrel.
The latest gains followed a decline in oil prices during the previous trading session. On Tuesday, Brent crude futures settled 76 cents, or 0.69%, lower at $108.79 per barrel. However, prices had touched $111.99 per barrel during the session, marking their highest level in five months.
Meanwhile, US West Texas Intermediate crude futures for November delivery, which expired on Tuesday, settled $1.87, or 1.8%, lower at $101.79 per barrel.
Concerns over the security of oil shipments through the Middle East, along with potential threats to Saudi Arabia’s energy infrastructure, remain among the key factors contributing to volatility in global oil markets.
