Oil prices edge up on U.S.-Saudi tensions

Oil prices edge up on U.S.-Saudi tensions

Oil prices extended gains into a fourth session today, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries.

WTI crude was up 15 cents (0.2%) at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents.

Brent crude was up 12 cents (0.2%) at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3, Reuters reported.

U.S. President Donald Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as U.S. lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers.