Singapore, April 2 (TASR) – Oil prices rose slightly on Tuesday, with Brent crude approaching $88 per barrel. The rise was supported by concerns about escalating conflict in the Middle East and signals of rising demand for oil in China and the US, the two largest consumers of the commodity in the world.
The price of Brent crude for June delivery reached $87.85 (81.26 euros) per barrel by 7:12 CET, up 43 cents (0.49%) from the previous close. The price of US light crude WTI with May contracts reached $84.15 per barrel, an increase of 44 cents or 0.53%. The previous trading session closed with WTI at its highest level since October 27.
The rise in oil prices was supported by news that manufacturing activity in China grew for the first time in six months and in the US for the first time in 1.5 years. Improved manufacturing performance could translate into higher demand for oil.
In addition, tensions in the Middle East have risen after an Israeli attack on the Iranian consulate in Damascus killed two generals and five officers. This raises concerns about further escalation of the conflict between Israel and Iran, which is supported by the Palestinian Hamas movement, which could affect oil supplies from the region.
