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Following a deadly drone attack near Abu Dhabi's international airport and fuel depot that has been claimed by Iranian-backed Houthis rebels in Yemen, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange spiked to multiyear highs on Tuesday.
Nearby delivery oil futures on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange moved higher in early trade Wednesday.
With the ULSD contract the exception, oil futures on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange settled Monday's session lower.
With U.S. dollar index rapidly weakening against foreign currencies, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange powered higher in early trade Tuesday.
Oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange rallied Tuesday.