Crude Prices Rise Amid Energy Demand and Middle East Tensions

Oil prices rose on Monday after Saudi Arabia increased prices for its main crude grade in Asia next month. Tensions in the Middle East also supported prices. However, concerns about global oil glut persist as OPEC+ agreed to increase crude production, potentially penalizing overproducing members. Tariff concerns and an increase in oil stored on tankers are also impacting prices.

The EIA report showed US crude oil inventories below the seasonal 5-year average, while gasoline and distillate inventories were also lower. US crude oil production remained steady. Additionally, Baker Hughes reported a decrease in active US oil rigs, indicating a downward trend over the past 2.5 years.

Read more at Yahoo Finance: Crude Prices Climb on Energy Demand Optimism and Middle East Tensions