Oil hits $62, nears 2015 high
Oil rose to $62 a barrel on Tuesday, nearing its 2015 high.
The price jump came amid threats to Middle East supplies, and concerns of a slow down in the U.S., Reuters reports.
{mosads}Egypt bombed the Islamic State targets in Libya and Iraq’s partially autonomous Kurdistan Regional Government threatened to stop oil exports.
“The oil price is finding additional support from renewed greater perception of the risks to supply,” Carsten Fritsch, an analyst at Commerzbank told Reuters.
“In the short term, the momentum suggests that prices will climb further.”
Crude jumped 43 cents in the U.S. to $53.21 a barrel.
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