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US-ENERGY-OIL-PRICE
Oil prices climb amid geopolitical tensions
NEW YORK, July 20, 2019 (BSS/Xinhua) – Oil prices rebounded on Friday amid
new concerns over tensions in the Middle East, which may disrupt the flow of
crude.
The West Texas Intermediate for August delivery rose 0.33 dollar to settle
at 55.63 U.S. dollars a barrel on the New York Mercantile Exchange, while
Brent crude for September delivery gained 0.54 dollar to close at 62.47
dollars a barrel on the London ICE Futures Exchange.
Iran’s Islamic Revolution Guards Corps (IRGC) on Friday seized British oil
tanker Stena Impero in the Strait of Hormuz, an IRGC statement said.
“The British vessel was captured for failing to respect the international
maritime rules while passing through the Strait of Hormuz,” said the
statement.
The incident has raised the potential for disruptions to the flow of crude
through the Strait of Hormuz, experts noted.
However, compared with the losses in the previous sessions, the gains were
modest.
“It appears that there are growing concerns on the oil market about a
renewed oversupply. Demand is developing less robustly than anticipated,”
Commerzbank analyst Carsten Fritsch said in a note.
BSS/XINHUA/HR/1125