Oil surges to three-year high as Middle East tensions intensify

By Jessica Summers on 4/11/2018

NEW YORK (Bloomberg) -- Crude in London and New York are at the highest levels since 2014 after U.S. President Donald Trump warned Russia to “get ready” for U.S. missiles to be fired at Syria and Saudi Arabia intercepted a missile over Riyadh.

Meanwhile, an Energy Information Administration report released Wednesday showed American oil inventories rose 3.31 MMbbl last week. The data only briefly fazed traders, with oil paring its rally shortly after the report, then recovering.

West Texas Intermediate for May delivery rose $1.17 to $66.68/bbl at 10:48 a.m. on the New York Mercantile Exchange. Total volume traded on Wednesday was about 52% above the 100-day average. Brent for June settlement added $1.18 to $72.22/bbl on the London-based ICE Futures Europe exchange.

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