Oil prices rise ahead of Obama's Mideast trip

Brent North Sea crude for delivery in May climbed 86 cents to settle at $109.82 a barrel in London trade.

Oil prices rise ahead of Obama's Mideast trip

Oil prices rose on Friday amid renewed concerns about the oil-rich Middle East ahead of U.S. President Barack Obama’s visit to Israel next week and a fall in a key U.S. consumer confidence reading.

Brent North Sea crude for delivery in May climbed 86 cents to settle at $109.82 a barrel in London trade. 

Obama’s upcoming visit to Israel next week, expected to highlight tensions over Iran’s suspected nuclear weapons program, was putting the market on edge, said James Williams of WTRG Economics.

Obama is due to arrive in Israel on March 20 for a three-day visit, his first since being elected president in 2008. The trip will also take him to the Palestinian territories.

Agencies

Last Mod: 16 Mart 2013, 17:26
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