Oil rises on Middle East supply risks

Oil prices rose on Monday, affected by increasing concerns about a possible disruption in supply from the Middle East region, after Israel intensified its attacks. By dawn today, Brent crude futures for November delivery rose 16 cents, or 0.22%, to $72.14 a barrel, and the contract expires today, Monday, and the most traded contract for December delivery rose ten cents, or 0.14%, to $71.64 a barrel. West Texas Intermediate crude futures rose eight cents, or 0.12%, to $68.26 a barrel. Last week, Brent crude fell by about 3%, while West Texas Intermediate crude fell by about 5%, with growing concerns about demand after the failure of financial stimulus from China, the world's second-largest economy and the largest oil importer, to support market confidence. But prices were supported on Monday by the prospect of a widening conflict in the Middle East with Iran, a major OPEC oil producer, after Israel intensified attacks on Lebanon's Hezbollah and Iran-allied Houthi rebels in Yemen. Later on Monday, markets were looking to hear from Federal Reserve Chairman Jerome Powell for clues on the pace of monetary policy easing. Still, prices remain under pressure as OPEC and its allies, a group known as OPEC+, plan to boost output by 180,000 barrels per day in December, and oil exports from Libya are also expected to resume. Source: National Iraqi News Agency