Oil prices were up on Wednesday, marking a third-straight day of gains and notching a 9% increase over the past week as tensions in the Middle East increase.
Brent crude gained 1.1% on Wednesday to move back above $80 a barrel for the first time since Dec. 1. The European benchmark oil futures contract has now risen nearly 5% in the past three days and is up 8.8% in the past week.
Nymex WTI, the U.S. benchmark, was up 1.5% on Wednesday at $75.06 a barrel. It has also risen 5% over the past three trading sessions and is up 9.4% over the past week.
The United States Oil Fund (NYSE:USO), an exchange-traded fund which tracks prices of light-sweet crude, was up 0.9% at $70, and has gained 8.9% over the past week.
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Crude prices have gained in recent sessions due to rising tensions in the Middle East. This increase is partly in response to a series of ...