MTECHTIPS;-Crude futures rebound as Middle East tensions ease

MTECHTIPS;-Crude futures rebound as Middle East tensions ease

MTECHTIPS-Crude futures settled higher, as oil ministers assured markets that the diplomatic rift between Qatar and several Arab states would not undermine the global pact to tackle the glut in supply. On the New York Mercantile Exchange crude futures for July delivery rose 1.7% to settle at $48.19 a barrel, while on London’s Intercontinental Exchange, Brent gained 1.17% to trade at $50.05 a barrel. Crude recovered from session lows to settle higher, after Kuwait oil minister Essam al-Marzouq and Russia Energy Minister Alexander Novak assured markets the supply-cut agreement would not be jeopardised by the recent diplomatic row between Qatar and several Arab states. Essam al-Marzouq said Qatar was committed to an Opec agreement to restrict supply. “Qatar is … committed to the supply cut decision and its compliance ratio ranges between 93 and 102 percent,” he said. On Monday a group of Arab nations, led by Saudi Arabia, severed diplomatic ties with Qatar, accusing it of fuelling terrorism.
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