Oil prices rose on Wednesday from their lowest levels in several months, amid concerns that production will be affected by rising tensions in the Middle East.

Brent crude futures rose in European markets by $1.10, or 1.4 %, to $77.58 a barrel, while US West Texas Intermediate crude rose by $1.05, or 1.4 %, to $74.25.

Prices fell earlier in today’s session after US data showed an unexpected increase in crude oil and gasoline inventories.

The U.S. Energy Information Administration is due to release weekly inventory data later today.

Crude oil prices broke a three-session losing streak on Tuesday, as Middle East unrest continued to stoke supply concerns in today’s trading session.

Brent crude futures fell to their lowest levels since early January on Monday, and West Texas Intermediate crude futures touched their lowest levels since February as global stocks tumbled amid fears of a possible U.S recession after weak jobs data.

Source: National Iraqi News Agency