Oil prices rise in the wake of Midle East tensions

Brent North Sea crude for delivery in November rose 72 cents to US$112.54 a barrel in London midday deals.

New York's main contract, light sweet crude for November, gained 52 cents to US$89.85 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.

“We will provide the markets with what they need,” Naimi told reporters on the sidelines of a ministerial meeting in Riyadh. “We will work to moderate prices.”

Addressing fellow ministers, Naimi warned that rising oil prices would affect economic growth across the globe, mainly in developing economies.

“Oil prices rose in March to levels not seen since 2008, which may adversely affect the global economy, particularly the economies of developing nations and emerging countries, as well as negatively impact global oil demand,” he said.

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