Not only did oil prices rise in early trade on Thursday, but oil prices continued to rise against the global market due to escalating conflicts in the Middle East.
Brent crude futures were up 64 cents, or 0.87%, at $74.54 a barrel. U.S. West Texas Intermediate crude futures were up 72 cents, or 1.03%, at $70.82 a barrel.
Sep. US crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended the 27th.After an attack by Iran, prices may rise or remain volatile for some time. But the production and supply of oil is sufficient.
