Oil prices rise amid concerns in Middle East

Oil prices rise amid concerns in Middle East

Crude oil prices climbed on Wednesday following an explosion at Lebanon’s main port feeding concerns about a regional turmoil and a large fall in US crude oil stocks.

International benchmark Brent crude was trading at $44.45 per barrel at 0624 GMT for a 0.24% increase after closing Tuesday at $44.34 a barrel.

DECLINE IN US CRUDE OIL

American benchmark West Texas Intermediate (WTI) was at $41.73 a barrel at the same time for a 2.51% decline after ending the previous session at $40.68 per barrel.

Late on Tuesday, a fire at a warehouse containing explosives at the Port of Beirut led to the blast, which levelled a three-story building and was heard across the city and its suburbs.

In the meantime, a significant decline in U.S. crude oil inventories provides support for the prices.

The American Petroleum Institute (API) reported last week its estimate of a 6.8 million barrel decrease in US crude oil inventories for the week ending July 24.

As a sign for a potential rise in US oil demand, it calmed some investor concerns amid the growing surplus of oil supply on the global market.

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