Oil markets firmed after a Saudi Arabian attack on Yemeni opposition forces raised fears that conflict could spread to threaten sea lanes in the Middle East. Atlantic basin benchmark North Sea Dated rose by $4.22/bl to$57.42/bl,while US marker WTI rose by$5.90/ bl to$51.43/bl.Saudi Arabia launched airstrikes against Yemen’s Houthi opposition forces near the Bab al-Mandeb strait,through which 3.8mn b/d of Mideast Gulf crude passes on its way to the Atlantic basin,via the Red Sea and Suez Canal(see p3). Escalating tensions overshadowed the impact of yet another record high for US crude inventories,which rose by 8.2mn bl to nearly 467mn bl in the week to 20 March.US crude inventories have risen for 11 consecutive weeks,gov-ernment agency the EIA says.But seasonal refinery mainte-nance is ending in the US,which may lift crude demand.
展开▼
