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Brent Oil Futures Above $89 as Supply Risks Intensify

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Oil prices were stable Wednesday, as investors mulled supply risks stemming from ongoing Ukrainian attacks on Russian refineries and the potential for a widening of the Middle East conflict.

Brent crude futures for June rose 16 cents, or 0.18%, to $89.08 per barrel at 0902 GMT, while U.S. West Texas Intermediate crude futures for May gained 11 cents, or 0.13%, to $85.26 a barrel."The rise in hostilities in both hotspots pushed the price of the two crude oil futures contracts to their highest levels this year," PVM analyst Tamas Varga said of Tuesday's rise.

Investors were also concerned that conflict in the Middle East could spread, after Iran vowed revenge against Israel for an attack on Monday that killed high-ranking military personnel. Adding to the supply worries, Mexico's state energy company Pemex requested its trading unit to cancel up to 436,000 barrels per day of crude exports this month as it gets ready to process domestic oil at the new Dos Bocas refinery, an internal document reviewed by Reuters showed.

 

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