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Crude oil prices continue to rise

While U.S. West Texas Intermediate crude futures were up 43 cents, or 0.6 percent to cost at $72.62.

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Crude oil prices continue to rise
GNN Media: Representational Photo

Moscow: Due to ongoing tensions in the Middle East, the prices of crude oil continue to rise.

Oil prices rose after the Federal Reserve meeting on Friday, with Brent crude futures up by 31 cents, or 0.4 percent to settle at $77.90 per barrel, according to reports.

While U.S. West Texas Intermediate crude futures were up 43 cents, or 0.6 percent to cost at $72.62.

It is pertinent to note that the risks of the Israel-Gaza conflict turning into a regional conflict are increasing, due to which oil prices are also fluctuating.

According to ING analysts, there is still considerable tension in the Middle East with Houthi rebels deploying naval drones in the Red Sea and US airstrikes in Baghdad.

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