Oil prices rose more than 1% on Wednesday to their highest in nearly a month as ...
SYDNEY - Oil prices rose more than 1% on Wednesday to their highest in nearly a month as industry data showed U.S. crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential U.S.-Iran conflict.
U.S. West Texas Intermediate crude futures were at $58.98 per barrel, up 1.8% from their last settlement. WTI earlier hit its strongest level since May 30 at $59.03 a barrel. “Oil prices went ballistic after the API report,” said Stephen Innes, a managing partner at Vanguard Markets. U.S. President Donald Trump threatened on Tuesday to obliterate parts of Iran if it attacked “anything American”, in a new war of words with Iran. Tehran has condemned a fresh round of U.S. sanctions as “mentally retarded”.
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