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Oil Prices Surpass $103 Per Barrel
Worries about new tensions in Gaza and Ukraine, coupled with a downturn in U.S. oil supplies, triggered a 2% increase in oil futures on Thursday.
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Worries about new tensions in Gaza and Ukraine, coupled with a downturn in U.S. oil supplies, triggered a 2% increase in oil futures on Thursday.
Prices rose $1.99 to close at $103.19 per barrel on the New York Mercantile Exchange.
Analysts say the jump was driven by trader worries about potential oil supply disruptions stemming from new fighting in the Gaza strip and rising tensions stemming from Ukraine accusations that Russia shot down a Malaysian Airlines passenger plane over Ukraine airspace.
At the same time, the White House has imposed new sanctions on Russian energy firms, including oil giant Rosneft. And the U.S. Energy Information Administration reported that American crude oil supplies last week dropped by 7.5 million barrels, more than double what analysts expected.
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