Oil extends gains, Brent crosses $106

Oil prices extended gains today, May 12, amid growing doubts about the possibility of an agreement to end the war in the Middle East, following President Donald Trump's statements that the ceasefire with Iran may collapse.

 

Brent crude was trading up 1.9% at $106.22 a barrel, at 10:35 am Makkah time. West Texas Intermediate (WTI) rose 2.29% to $100.32 a barrel.

 

Both contract closed the previous session with gains of nearly 2.8%.

 

Suvro Sarkar, Head of Energy at DBS Bank, told Reuters that investors' hopes for a peace deal are fading again, warning that failure to reach an agreement by the end of May could open the door to a new wave of oil price rise.

 

The US crude oil inventory report from the American Petroleum Institute is expected later today, ahead of the official data release from the US Energy Information Administration on May 13.

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Commodity Price

 
Brent Crude Oil
106.96
(0.48) (0.45%)
Nymex
102.31
4.11 4.18%

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