Oil rose as Saudi hit Yemen
Oil prices rose on Thursday after Saudi Arabian jets struck rebel targets in Yemen on Wednesday. Yemen is the neighbor of the big oil producer. Saudi Arabia decided to help save Yemen’s President Abedrabbo Mansour Hadi from the Houthi rebels. The conflict has intensified in February rebels when launched a power takeover in Sana’a.
Now there are serious fears that the crisis will escalate further and affect Middle Eastern petroleum production. Even the news about the rising US crude inventories, which added another 8.2 million barrels in the week ending March 20, didn’t discourage the buyers.
The US benchmark West Texas Intermediate (WTI) for May delivery surged $2.28 to $51.49. Brent crude for May gained $2.46 to $58.94.