Oil prices inched up, as traders weighed production outages in the US and tensions in the Middle East and Europe against rising crude supply in Libya and Norway.
Brent crude futures were up 30 cents, or 0.4%, to $80.36 a barrel at 1618 GMT. US WTI crude futures gained 46 cents, or 0.6%, to $75.22 a barrel. In the ME, tensions rose the morning after US and British forces carried out a second joint round of strikes on Houthi positions in Yemen. “Traders weigh up economic prospects, interest rates, OPEC+ and the risk of supply disruptions as a result of events in the Red Sea,” OANDA analyst Craig Erlam said. “We’re no clearer on any of these than we were a few weeks ago.”
Supply constraints in the US also boosted prices. —Agencies
