Tuesday, 09 October 2012 21:36
LONDON: World oil futures recovered Tuesday on Middle East tensions according to analysts, helping to offset Saudi Arabia's pledge to satisfy global energy markets and "moderate" prices.
Brent North Sea crude for delivery in November jumped $1.65 to $113.46 a barrel in late London deals.
New York's main contract, light sweet crude for November, gained $1.99 to $91.32 a barrel.
"Crude oil prices rebounded on Tuesday, as renewed concerns about Middle East tensions provided some upside momentum to the oil market," said Sucden Financial Research analyst Myrto Sokou.
NATO head Anders Fogh Rasmussen on Tuesday warned against the dangers of the conflict in Syria escalating, saying alliance member Turkey had shown commendable restraint in response to shelling of its border area.
Syrian shells last week killed five people in a Turkish border village, sparking a series of retaliatory strikes.
Oil prices meanwhile held onto their gains Tuesday despite bearish comments by Saudi Oil Minister Ali al-Naimi.