Rising political temperature in Middle East sends oil prices higher
Tokyo — Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as concern grew over tension in the Middle East. Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation. US West Texas Intermediate crude for March delivery was up 73c or 1.2% at $62.41 a barrel by 6am GMT, after earlier touching its highest since February 7. London Brent crude was up 52c or 0.8% at $65.36, after rising more than 3% last week. "The upside momentum since WTI hit last week’s low of $58 has been continuing," said Tetsu Emori, CEO of Emori Capital Management in Tokyo. "Oil got mild support from gains in Asian equity markets, but has been getting pressure from the rise in US rig count and a slight recovery in the dollar." Trading is expected to b...
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