By Srinivas Chowdary Sunkara // petrobazaar // 17th May, 2019.
Brent oil prices advanced 85 cents or 1.18% to $72.62 and WTI prices went 85 cents up or 1.37% to $62.87 a barrel last night. Shanghai crude oil main contract futures moved 1.11% up to 506.5 Yuan/barrel while MCX crude futures rose settled Rs.54 up at Rs.4420 yesterday.
Saudi-led military coalition carried out several air strikes on the Houthi held capital Sanna on Thursday in a retaliation to earlier drone attacks on its oil infrastructure. Oil markets considered the escalation of tensions in the Middle East as a serious threat to global supplies which has put the Asian refiners on alert. Tighter gasoline supplies and rally in equity markets also supported oil prices, heading to weekly gains. Unless and until there is a step back from the current situation in the Middle East, Uncertainty will continue to persist. Have a good day and week end.
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