Oil Rises Again On Tension Fuelled By Tanker Attacks
London, (UrduPoint / Pakistan Point News - 15th Jun, 2019 ) :Oil prices rose again Friday in reaction to geopolitical tension, building on the previous day's surge sparked by suspected attacks on two tankers in the Gulf of Oman.
Prices jumped by more than four percent at one stage on Thursday as reports of the attacks in the Gulf of Oman flashed onto traders' screens.
"Perhaps this is a sign of how pressured oil prices are to the downside at the moment, with the US pumping at record levels and the global economy slowing." The International Energy Agency said earlier Friday that tepid growth in demand for oil along with ample supplies from non-OPEC countries will complicate efforts by the cartel and its allies to boost prices.
In its monthly report, the agency cut its forecast for demand growth this year for the second month straight -- and trimmed its second quarter forecast aswell.