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Oil higher amid geopolitical tensions

Published 10/04/2017, 11:54
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Investing.com - Oil higher Monday amid ongoing geopolitical tensions after U.S. air strikes against Syria last week.

U.S. crude was up 38 cents, or 0.73%, at $52.62 at 05:15 ET. Brent crude added 45 cents, or 0.81%, to $55.69.

The U.S. move sparked concerns about potential disruptions to supply.

Major producers Russia and Iran condemned the U.S. military action.

Gains were capped by a further increase in U.S. drilling activity.

Baker Hughes Friday reported a rise in the U.S. rig count data of 12 to 672.

The rig count has now risen for 12 weeks in a row.

Higher U.S. output could undermine the impact of cuts by major producers.

OPEC, non-OPEC producers cutting output by 1.8 million b/d in first half.

Hopes remain intact about a possible extension of the cuts beyond June.

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