Oil rises on Mideast tensions but virus concerns weigh | Reuters
Oil prices rose towards $71 a barrel on Thursday on rising Middle East tensions, while fresh movement restrictions imposed by countries to counter a surge in COVID-19 cases threatened the demand recovery.
Brent crude oil futures rose by 50 cents, or 0.71%, to $70.88 a barrel by 0951 GMT after earlier dipping below $70 for the first time since July 21.
U.S. West Texas Intermediate (WTI) crude futures rose 66 cents, or 1%, to $68.81. Both benchmarks fell by more than $2 a barrel on Wednesday.
Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran. read more
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