Oil rises amid concern that tension in the Middle East may disrupt supply
Singapore — Oil prices rose on Wednesday, lifted by a fall in US crude inventories and the concern that tension in the Middle East could disrupt supply. Brent crude futures, the international benchmark for oil prices, were at $58.27 at 3.14am GMT, up 39c, or 0.7% from their last close — and a third above mid-year levels. US West Texas Intermediate (WTI) crude futures were at $52.13 a barrel, up 25c, or 0.5%, and almost a quarter above mid-June levels. Traders said that on charts for WTI a technical pattern known as a "Golden Cross" was approaching, in which the 50-day moving average price climbs higher than the 200-day moving average, which is widely seen as a bullish price indicator. Traders said that prices were pushed up by a drop in US crude inventories as well as concerns that fighting in Iraq and mounting tension between the US and Iran could affect supply. US crude inventories fell by 7.1-million barrels in the week to October 13 to 461.4-million barrels, the American Petrole...
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