Oil prices extended their gains today, heading towards recording increases for the second week amid increasing fears of the expansion of the scope of events in the Middle East and thus disrupting supplies from one of the largest crude production regions in the world.
Brent crude futures increased 97 cents, or 1.1 percent, to $93.35 per barrel.
US West Texas Intermediate crude rose $1, or 1.1 percent, to $90.37 per barrel. The next November contract expires today.
The most active December contract for West Texas Intermediate crude reached $89.36 per barrel, up 99 cents, or 1.1 percent.
Both contracts are heading for gains for the second week, as news of the expected ground invasion by Israeli occupation forces increases fears of an expansion of the scope of the conflict in the Middle East.
Oil prices are also benefiting from expectations of an increasing deficit in the fourth quarter of this year after Saudi Arabia and Russia, the two main producers, extended supply and export cuts until the end of the year and amid a decline in inventories, especially in the United States.
QNA