Oil prices continue to maintain a three-month-high, fuelled by expectations of an US-China trade deal and upbeat industrial data. Investors however remain cautious in spite of news of US strikes in Iraq and Syria.
According to a statement released by the Assistant to the Secretary of Defense, Jonathan Hoffman, US forces conducted precision defensive strikes against five Kata'ib Hizbollah facilities in Iraq and Syria.
The targets, which included three KH locations in Iraq and two in Syria, the statement said, "included weapon storage facilities and command and control locations that KH uses to plan and execute attacks on OIR coalition forces".
According to a Reuters report, the Libyan state oil firm, NOC, is considering the closure of its western Zawiya port as well as evacuation of staff from the refinery there. As per a statement, the NOC may shut the El Sharara oilfield whose crude is exported bia the port.
This has reportedly been prompted by recent clashes between armed groups in the area.
Crude oil prices have increased by about seven dollars per barrel this month.
According to another Reuters report, West Texas Intermediate crude futures rose 4 cents to $61.76 a barrel by 0800 GMT, while the US benchmark has so far risen 36% this year.
In the Intercontinental Exchange (ICE) international futures market, the benchmark Brent crude on Monday traded at $67.02 a barrel, up 0.22 per cent over the previous session.
In the meantime, petrol and diesel prices continued their upward trend on Monday in India, as a result of rises in international markets. State-run oil marketing companies (OMCs) on Monday increased petrol prices in Delhi, Kolkata and Mumbai by 16 paise per litre and in Chennai by 17 paise . At the same time, the price of diesel has been increased in Delhi and Kolkata 18 paise per litre each, while in Mumbai and Chennai by 19 paise each.
According to the Indian Oil website, the price of petrol in Delhi, Kolkata, Mumbai and Chennai increased to Rs 75.04, Rs 77.70, Rs 80.69 and Rs 78.02 per litre, respectively. At the same time, the price of diesel in the four metros increased to Rs 67.78, Rs 70.20, Rs 71.12 and Rs 71.67 per litre, respectively.
(With inputs from agencies)
