Baku, Azerbaijan, June 5
By Leman Zeynalova - Trend:
World oil prices are rising on June 5 after four countries decided to cut diplomatic ties with Qatar.
The price for August futures of Brent crude oil has increased by 0.98 percent to $50.44 per barrel as of 06:30 (GMT +4).
Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 1.01 percent and stood at $48.14 per barrel.
Bahrain, Saudi Arabia, Egypt and the United Arab Emirates (UAE) announced a break of diplomatic relations with Qatar, accusing Doha of supporting terrorist organizations and destabilizing the internal situation in these Arab states.
Another factor affecting the oil prices is the statistics released by the US Baker Hughes company. The number of drilling rigs in the US has increased by 0.88 percent to 916 over the working week ending June 2, according to the date of Baker Hughes.
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