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Oil Rises to Four-Month High as Saudi Arabian Jets Strike Yemen
Ms Sans Serif
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I guess the Saudis reneged on the deal?
Crude climbed to a four-month high in New York after Saudi Arabia renewed its aerial assault on Shiite rebels in Yemen, bolstering concerns that Middle Eastern oil shipments may be disrupted.
Futures rose as much as 3.2 percent in New York and 3.5 percent in London as the Saudi-led raids marked an escalation of the civil war in Yemen, a country located among major oilfields and adjacent to key shipping routes. The Saudis and their allies had announced an end to air operations on Tuesday. Prices also rose as a drop in the dollar made commodities priced in the U.S. currency more attractive to investors.
Oil has rebounded from a six-year low in March on speculation a drilling slowdown and improved fuel demand will help drain excess supply. Any recovery may be short-lived if higher prices encourage producers to resume drilling too quickly.
link to www.bloomberg.com
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