Singapore — Oil prices rose on Monday over the concern about supply in the Middle East and as the US market showed further signs of tightening while demand in Asia keeps rising. Brent crude futures, the international benchmark for oil prices, were at $57.84 at 12.56am GMT, up 9c, or 0.16%, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.03 a barrel, up 19c, or 0.37%. "Oil prices are holding comfortably above $50 as possible supply disruptions in the Kurdish region of Iraq support prices," said William O’Loughlin, investment analyst at Rivkin Securities. "US production was also recently impacted by a hurricane for the second time in as many months and the number of US drilling rigs declined for the third week in a row," O’Loughlin said. The amount of US oil rigs drilling for new production fell by seven to 736 in the week to October 20, the lowest level since June, General Electric’s Baker Hughes energy services firm said on Friday. Much will depend ...
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