Oil drilling rigs
Oil prices rose today, April 12, as the Middle East tension escalation raised the risk of supply disruptions from the oil-producing region, though the market is set for a weekly loss on expectations of fewer US interest rate cuts this year.
Brent crude futures increased 0.9%, or $0.79, to $90.53 a barrel, at 9:00 GMT.
Similarly, futures prices for US West Texas Intermediate (WTI) crude rose 1.1%, or $0.92, to $85.94 per barrel.
Both contracts are heading for a weekly loss, falling almost 1%.
ING analysts said they expect oil's rally to retreat unless there is a further escalation in the Middle East or supply disruptions.
"We maintain our forecast for Brent to average $87 a barrel over the second quarter of this year," the ING analysts added.
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