The price of Brent crude increased following concerns over turmoil in Yemen and uncertainty about Iran.
Brent crude increased six cents to reach $57.93 a barrel, while US crude surged 27 cents to $51.91 a barrel, reported Reuters.
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US diesel futures rose after Colonial Pipeline closed its distillate pipeline from Texas to North Carolina after a violation.
Iran had urged a rebel force to form a new government in Yemen, which is likely to upset OPEC member Saudi Arabia, which is supporting Yemen’s president.
US Secretary of State John Kerry had also expressed concerns over Russia’s decision to remove a ban on missile deliveries to Iran.
However, later the State Department officials stated that Russia’s decision would not impact the ongoing nuclear talks between Iran and major powers of the world.
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Weak export data from China also raised concerns about the condition of its economy; however, economic stimulus, along with the data that indicated China’s crude oil imports were up 14 percent in March versus a year ago, gave hope to the oil industry.
