Oil prices have increased over geopolitical worries following Friday’s terrorist attacks in France.
Front-month Brent crude prices rose 34 cents at $44.81 a barrel, while the US futures traded 36 cents higher at $41.10 a barrel, Reuters reported.
Go deeper with GlobalData
Large-scale air strikes carried out by France against Islamic State sites in Syria overnight made oil market investors ramp-up purchasing activity after a week.
Landesbank Baden-Wuerttemberg oil analyst Frank Klump told the news agency: "Some risk premium is factored into the market after the terror attacks in Paris. We had an oversold market, so it is a technical recovery as well."
According to an OPEC delegate from a Gulf producing country, oil prices during the mid-term may gain some support due to rising tensions.
See Also:
Analysts believe that the attacks will further weaken the economy globally, oil and other commodities are expected to come under renewed pressure.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCoincidence of high production and inventories with an economic slowdown in Asia, particularly in China and Japan led to a decline in oil prices by over 60% since June 2014.
Data released by Baker Hughes highlighted an increase in the US oil rig count in 11 weeks last Friday.
According to the International Energy Agency, there are three billion barrels of crude and oil products in tanks globally.
