Heads up to the release of weekly crude oil inventories at 17:30 MT!
Rebel attacks in Nigeria underpin crude
On Thursday, crude rallied on a reported dive in American crude inventories. Another factor contributing to surge was the fact that Nigerian rebels threatened to have the country's petroleum infrastructure attacked.
However, oil prices stood below recent three-year maximums because fuel supplies are still rich and refineries reduced the overall number of operations.
Brent crude futures hit $69.56, adding 0.3% from their previous settlement. On Monday, these futures reached their highest value since December, 2014, demonstrating a reading of $70.37 a barrel.
American West Texas Intermediate crude futures showed $64.25 a barrel, gaining 0.4% from their previous close. On Tuesday, WTI futures marked a December-2014 maximum of $64.89 per barrel.
Market participants told that oil prices had been underpinned after news that Nigeria's militant group dubbed Niger Delta Avengers threatened to attack the country's crude industry soon.
Crude oil inventories will be out at 17:30 MT time
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Today, the election in Canada will determine whether the Liberal Party Prime Minister Justin Trudeau or the Conservative Party leader Andrew Scheer will lead the government…
The week will bring us fresh updates on Brexit and the last ECB meeting with outgoing president Mario Draghi.
De-escalation between the US and Turkey and News for the GBP are on the agenda