Oil prices rise during trade on risk of broadening Middle East conflict

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Global benchmark Brent crude futures rose 71 cents, or 0.9 per cent, to $81.

And that could put at risk Iran's oil supply and related infrastructure," said analyst Vivek Dhar at Commonwealth Bank of Australia, said in a client note.

In the longer term, however, investors are not confident of Chinese demand, said Phillip Nova analyst Priyanka Sachdeva, adding that this concern will continue to limit the upside in oil prices.

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Category: BusinessFinance

Markets: IndiaAustraliaChinaIsraelLebanon

Topics: Oil production Middle-East conflict Price of oil Iran Oil prices Oil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-01 @ 13:07:16 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 560 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 21883195

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