Crude oil prices rose Wednesday morning, trimming this week’s losses amid an escalation of fighting in Yemen.
A civil war in Yemen has become a proxy conflict between Iran and Saudi Arabia.
An Iranian ship supposedly containing humanitarian supplies is set to dock in Yemen without the inspecttion wanted by the U.S. and Saudis.
On the New York Mercantile Exchange, light, sweet crude futures for delivery was up 48 cents at $58.32 a barrel.
the American Petroleum Institute reported a 5.2 million barrel decline in U.S. oil inventories for last week, suggesting that shale oil producers are cutting back.
The material has been provided by InstaForex Company – www.instaforex.com