ANN/THE STAR – Oil prices hovered near two-week highs yesterday following six per cent gains last week, as geopolitical tensions heightened between western powers and major oil producers, raising risks of supply disruption.
Brent crude futures climbed 13 cents, or 0.2 per cent, to USD75.30 a barrel by 0115 GMT, while US West Texas Intermediate crude futures were at USD71.38 a barrel, up 14 cents, or 0.2 per cent. Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since November 7.
“The recent exchanges indicate the war has entered a new and dangerous phase, raising concerns of disruptions to supplies,” ANZ analysts led by Daniel Hynes said in a note.
Investors were also focused on rising crude oil demand at China and India, the world’s top and third-largest importers, respectively.
China’s crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by three per cent on year to 5.04 million bpd in October, buoyed by fuel exports.
