Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
Oil prices have shrugged off signs of weak demand in the United States, the biggest oil consuming nation, and rallied higher as cross-border strains between Israel and Lebanon's Hezbollah escalated.
On the demand front, rising U.S. crude stockpiles and weak gasoline consumption has kept a ceiling above oil prices.
Government data this week showed an unexpected jump in crude inventories in the country as fuel demand weakened.
Persons:
Brent
Organizations:
Brent, . West Texas, FGE Energy, U.S, National Hurricane Center
Locations:
United States, Israel, Iran, Lebanon, Turkey, U.S, Gulf Coast, Brent