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Oil rises on escalating US-Iran tensions; trade war concerns weigh

Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up 6 cents, or 0.1 percent, from their last close.

May 21, 2019 / 08:42 AM IST

Oil prices edged up on Tuesday on escalating tensions between the United States and Iran and on signs that producer club OPEC will continue withholding supply this year.

However, gains were checked by concerns that a prolonged Sino-U.S. trade war could lead to a global economic slowdown.

Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up 6 cents, or 0.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up by 12 cents, or 0.2 percent, at $63.22 per barrel.