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Oil continues to rise due to tensions in the Middle East: prices have been increasing for the fifth day in a row.
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Oil continues to rise due to tensions in the Middle East: prices have been increasing for the fifth day in a row.

Oil prices on the global exchanges are rising due to concerns about supplies amid tensions in the Middle East. Oil prices continue to increase: Brent - $79.88 per barrel, WTI - $77.20 per barrel. The week ended with a rise in oil prices.

12 August 2024 12 August 2024

Oil prices on global exchanges continue to rise for the fifth day in a row due to growing concerns about possible supply disruptions amid escalating conflict in the Middle East, as reported by the enkorr agency.

“The situation in the Middle East, which could escalate at any moment and further raise prices, provides support. Geopolitical risks are likely influencing oil market price trends,” said Barbara Lambrecht, a commodity market analyst at Commerzbank, in a statement to MarketWatch.

As of August 12 at 8:01 Kiev time, October Brent futures on the London ICE Futures exchange are up $0.22 (0.3%), reaching $79.88 per barrel. On August 9, the price of Brent rose by $0.5 (0.6%), reaching $79.66 per barrel.

WTI September contract futures are also rising on the electronic trading platform of the New York Mercantile Exchange (NYMEX) by $0.36 (0.5%), reaching $77.2 per barrel. In the previous trading session, the contract increased by $0.65 (0.9%), reaching $76.84 per barrel.

“During the past week, the price of Brent rose by 3.7% and WTI by 4.5%. Therefore, oil ended the first of five weeks in positive territory,” the report noted.

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