Market News
Oil prices climb 2% to 2-week high on geopolitical tension concerns - REUTERS
Summary
- Russia says settlement with Ukraine is complex
- Iran set to reject US nuclear proposal
- Canada wildfires knock out oil supplies
- Low inflation in Europe could lead to interest rate cut
NEW YORK, June 3 (Reuters) - Oil prices climbed about 2% on Tuesday to a two-week high, as persistent geopolitical tensions between Russia and Ukraine and the U.S. and Iran looked set to keep sanctions on both Russia and Iran in place for longer.
Brent crude futures rose $1.11, or 1.7%, to $65.74 a barrel at 11:21 a.m. EDT (1521 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.17, or 1.9%, to $63.69.
That puts Brent on track for its highest close since May 14 and WTI on track for its highest close since May 13.
