Oil markets rose today, as investors worried about supply disruptions from the Middle East and the increasing eurozone debt crisis, which may hinder global oil demand, thereby capping gains.
Europe’s debt crisis continued over uncertainty regarding a bailout package for Spain, as policy makers still struggle to contain Greek’s debt which weighed heavily on broader markets.
Front-month Brent crude gained nine cents to $110.13 a barrel by 0522 GMT, while US crude climbed 24 cents to reach $90.22.
New austerity measures for the nations in debt saw a surge of demonstrators protesting against them on the streets of Athens, Greece, and in Madrid, Spain.
The Energy Information Administration said domestic crude stocks fell by 2.45 million barrels to 365.18 million barrels, and gasoline inventories fell by 481,000 barrels to 195.83 million barrels, reports Reuters.
Image: US crude climbed 24 cents to $90.22. Photo courtesy of: Meggar.