JM News UK

Oil up on partial draw in U.S. crude stocks, Saudi tensions

Oil prices rose on Monday after data showing a partial draw in stockpiles at the delivery point for U.S. crude helped steady a market weighed earlier by near record highs in Saudi production. Tensions in the Middle East and a drop last week in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said. Oil services firm Genscape reported a draw of more 900,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude between Tuesday and Friday last week, market sources who saw the data said. Saudi Arabia put its security forces on alert for a possible militant attack on a shopping mall or energy installation.

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