Oil prices rise on Mideast tensions, thin trading.

摘要

US West Texas Intermediate (WTI) and UK Brent crude oil futures prices increased in the week to Nov. 27. Growing military action in the Middle East put a floor under the oil future complex, but the market was quiet during the second half of the week as many US-based players were out of the office for the Thanksgiving holiday weekend. WTI posted a moderate increase on Monday, while Brent inched up, on a pledge from Saudi Arabia to work toward oil price stability, which could mean OPEC reigning in production rates. Although the statement from Saudi Arabia initially sent prices sharply up, much of the gains was given up later in the period as market players turned their attention back to the current oversupply situation. "The overarching concern in this market is the growing inventory levels for crude, and that doesn't seem to be easing despite the strong refinery runs we've been having," said Price Futures Group's Phil Flynn.