Oil Advances as Traders Refocus on Escalation in Middle East
- WTI settles at near $72 a barrel to post a weekly gain
- Investors remain on alert for potential Israeli strike on Iran
This article is for subscribers only.
Oil rose, notching a gain for the week, as traders kept an eye on the risk of escalation in the Middle East conflict and a deluge of other potentially pivotal market drivers.
West Texas Intermediate climbed 2.3% to settle near $72 a barrel, while global benchmark Brent settled just above $76. The US benchmark pushed past its 50-day moving average of about $71.65, a technical level that can contribute to accelerated buying from algorithmic traders.