Oil prices rose on Wednesday, supported by a drop in US crude inventories and concerns that tensions in the Middle East could disrupt supplies.
Global Brent crude <LCOc1> rose 28 cents to $ 58.16 a barrel by 0643 GMT, up 0.5 percent from the last settlement and a third higher than mid-year levels.
US West Texas Intermediate crude futures rose 15 cents, or 0.3 percent, to $ 52.03 a barrel, up nearly a quarter from mid-June levels.
Trading volumes were limited in Asian trading on Wednesday due to a public holiday in Singapore, Malaysia and parts of India.
Traders said the prices were boosted by a drop in US crude stockpiles as well as fears that fighting in Iraq and escalating tension between the United States and Iran could affect supplies.
The US Petroleum Institute said on Tuesday that US crude inventories fell 7.1 million barrels in the week ending October 13 to 461.4 million barrels.
SOURCE
Global Brent crude <LCOc1> rose 28 cents to $ 58.16 a barrel by 0643 GMT, up 0.5 percent from the last settlement and a third higher than mid-year levels.
US West Texas Intermediate crude futures rose 15 cents, or 0.3 percent, to $ 52.03 a barrel, up nearly a quarter from mid-June levels.
Trading volumes were limited in Asian trading on Wednesday due to a public holiday in Singapore, Malaysia and parts of India.
Traders said the prices were boosted by a drop in US crude stockpiles as well as fears that fighting in Iraq and escalating tension between the United States and Iran could affect supplies.
The US Petroleum Institute said on Tuesday that US crude inventories fell 7.1 million barrels in the week ending October 13 to 461.4 million barrels.
SOURCE