Crude leaps in Asia

Crude leaps in Asia

On Monday, oil held revenues in Asia notwithstanding a break by several Middle East as well as Gulf countries with Qatar because Egypt, Saudi Arabia, the UAE along with Bahrain snapped commercial and diplomatic ties.

July delivery US West Texas Intermediate crude futures added 0.88%, trading at $48.08 in New York, while in London, August delivery futures soared 0.92%, being worth $50.41 a barrel.

Qatar shares the world’s number one gas field, South pars with Iran. The business and political ties have irritated Saudi Arabia. Other GCC countries dislike Iran’s support for Shia-linked militants, while a fresh statement attributed to Qatar's ruler on Saudi and American policies toward Iran have worsened the overall situation.  

The previous week on Friday, crude futures settled at the lowest value in more than three weeks, with prices suffering their greatest weekly loss in a month amid ascending worries over soaring shale output in America.

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