empty
 
 

21.05.201908:20:00UTC+00Oil Futures Extend Gains On Geopolitical Tensions

Crude oil futures are up on Tuesday, extending gains from previous session, amid an escalation in tensions in the Middle East and on speculation the OPEC will continue to produce less crude for some more time.

However, gains are somewhat limited due to lingering concerns about U.S.-China trade war and its likely impact on global energy demand in the near term.

According to reports, Yemen's Iranian-allied Houthi rebels attacked a Saudi airport and military base with a bomb-laden drone, an assault acknowledged by the kingdom as Mideast tensions remain high between Tehran and the United States.

West Texas Intermediate Crude oil futures for June are up $0.30, or 0.48%, at $63.40 a barrel.

On Monday, crude oil futures for June ended up $0.34, or 0.54%, at $63.10 a barrel.

Meanwhile, traders are awaiting weekly U.S. crude inventories reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). API is scheduled to come out with its report later in the day, while EIA's report is due Wednesday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback