Oil Futures Rise on Renewed Middle East Tensions
Crude futures gain with renewed Middle East tensions adding to expectations that a Fed interest-rate cut this week could support demand for oil.
Thousands were injured in Lebanon when pagers used by Hezbollah operatives exploded in what Hezbollah and Lebanese officials said was an attack by Israel.
On the macro front, U.S. retail and industrial production data for August came in above expectations. Most of the offshore production shut in last week by Hurricane Francine had been restored, with 102,000 barrels a day of oil and 180 million cubic feet a day of natural gas still offline, according to the Bureau of Safety and Environmental Enforcement. WTI settles up 1.6% at $71.19 a barrel, and Brent rises 1.3% to $73.70 a barrel.
Source : Dow Jones Newswires