World oil prices recovering
Baku, Azerbaijan, June 13
By Leman Zeynalova – Trend:
World oil prices are recovering on June 13 after several days of fluctuations due to the diplomatic tension in the Gulf region.
The price for August futures of Brent crude oil has increased by 0.64 percent to $48.60 per barrel as of 05:25 (GMT +4).
Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 0.59 percent and stood at $46.35 per barrel.
The major factor affecting in recent times the world oil prices is the Qatar crisis.
The spat began after Qatar’s state-run news agency, QNA, released remarks attributed to ruling Emir Tamim bin Hamad al-Thani, in which he criticized other Gulf leaders and called for an easing of tensions with Iran. QNA has denied that the comments were made by the Emir, claiming that they were the result of a cyber attack. But this hasn’t washed with Saudi Arabia and its allies. They argue that the comments highlight Doha’s close ties with Iran and reinforce their long-held concerns over Qatar’s support for terrorism.
Saudi Arabia, Egypt, the United Arab Emirates, Yemen, Libya, Bahrain, and Maldives have severed diplomatic ties with Qatar, accusing it of fueling extremism and terrorism.
Qatar says move is "unjustified" and says it carries out its duties in the fight against terrorism.
Immediately after the crisis occurred, the oil prices surged, followed by a dip,
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