Crude Remains Firm as US More Involved in Yemen Conflict

Crude oil remained firm on tense Middle East situation and hopes of declining inventory. The front-month contract for WTI crude oil gained +1.15% whilst the Brent crude contract ended the day largely flat at 63.45. Following UNSC’s resolution to impose an arms embargo on leaders of the Iranian-backed Shiite Houthi rebels, the US sent navy ships to Yemen so as to block shipments from Iran.

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Crude Remains Firm as US More Involved in Yemen Conflict