Oil prices got a boost today as tensions in the Middle East worsened and investors await the release of economic growth data from Europe, which could gauge the region’s oil demand outlook.
Brent crude rose by 39 cents to $113.99 a barrel while US crude gained 50 cents to $93.23 a barrel as the dollar weakened on hopes of more stimulus measures.
Weak growth numbers from the eurozone could boost the dollar and weigh on commodities that are priced in the greenback, reports Reuters.
But crude should slip, as a debate in Israel on whether to strike Iran’s nuclear programme has led to concerns about supply from the region.
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