Crude reaches five-week high on geopolitical tensions

Crude reaches five-week high on geopolitical tensions

On Tuesday, crude ascended to a five-week peak, with prices backed by tensions following an American missile strike on Syria as well as a shutdown at Libya's largest oilfield.

Additional support also arose from hopes for strong demand because the US summer driving season already kicks in.

Brent crude futures LCOc1 ascended to their highest value since March 7, reaching $56.16 a barrel. Meanwhile, Brent futures were trading up 0.2%, hitting $56.07 per barrel.

American West Texas Intermediate CLc1 crude futures were trading 0.1%, being worth $53.14 a barrel, having climbed to a five-week peak of $53.23 a barrel earlier in the trading session.

Brent keeps growing for a seventh consecutive trading session, while WTI has ascended for six straight days.

Libya's Sharara oilfield was unavailable on Sunday after a group dared to block a pipeline linking it to a crude terminal, as a Libyan oil source told. The field had just got back to production, after a week-long stoppage, which ended in early April.


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