Oil prices, which had fallen for the past three consecutive trading days, ended higher than 1 percent on the 5th due to rising tensions in the Middle East over Israeli air raids on Lebanon.
Reuters reported on the 5th that international oil prices rose more than 1% due to heightened tensions in the Middle East, but the rise slowed as the coronavirus epidemic continued.
Western Texas crude (WTI) closed at $69.09 a barrel on the New York Mercantile Exchange, up 94 cents and 1.38 percent from the previous day. The WTI rose to $73.95 a barrel at the end of last month, but fell more than 8 percent in three-day trading in August. Experts analyzed that this reflects concerns over China’s lackluster economic indicators and a decline in crude oil demand due to the spread of the coronavirus around the world, including the U.S.
In particular, according to major foreign media such as the Associated Press, Israel immediately launched a fighter air strike on Lebanon on the 5th (local time). This led to rising tensions in the Middle East, affecting oil prices. However, the WTI did not reach the $70-per-barrel recovery as the coronavirus epidemic is still spreading.
Brent crude also rose 91 cents or 1.29 percent from the previous trading day to $71.29 a barrel. Brent crude also fell for three consecutive days since the first trading of August, with oil prices falling more than 6%. The figure is still down more than $5 a barrel, compared with the closing price of $76.33 a barrel on the 30th of last month.
