Oil prices extend gains amid Middle East tensions, rate cut hopes | World News, The Indian Express

Oil prices extend gains amid Middle East tensions, rate cut hopes | World News, The Indian Express

By Reuters |Tokyo |Updated: June 21, 2019 12:25:41 pm

Oil prices extend gains amid Middle East tensions, rate cut hopes

Brent crude was up 39 cents, or 0.6%, at $64.84 a barrel by 0034 GMT. The global benchmark rose 4.3% on Thursday and is heading for a weekly gain of more than 4% after four weeks of decline.

Tensions remain high after the latest incident in the Gulf, which followed tanker attacks last week that raised concerns about crucial oil supplies being disrupted. (Representative Image)

Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a U.S. military drone and on hopes for a drop in U.S. interest rates that may stimulate global growth.