LONDON, Oct 10: Global oil prices soared to three-week peaks on Wednesday, reversing earlier losses as traders focused once more on supply worries linked to simmering tensions in the crude-rich Middle East.

In afternoon London trade, Brent North Sea crude for delivery in November raced as high as $115.59 per barrel. It later stood at $114.79, up 29 cents from Tuesday’s closing level.

New York’s main contract, West Texas Intermediate (WTI) or light sweet crude for November, jumped as high as $93.66 before pulling back to $92.59, down 19 cents.

Oil had already rallied by about $3 on Tuesday, with Brent oil striking a three-week high point on heightened concerns that the Syrian conflict could spread to Turkey.

“Crude oil is again firmer,” said GFT Markets analyst Fawad Razaqzada on Wednesday.

“Both Brent and WTI ...look set to push further higher. Judging by the reaction of equities, one can only assume this rally is mostly due to raised supply-side concerns arising from the Middle East than anything else.”

“At the moment, supply worries are certainly outweighing demand concerns,” added Razaqzada.—AFP

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.