Oil prices steady, renewed conflict in Yemen

Saudi Arabia

RIYADH, April 23, 2015 – Oil prices were constant on Thursday as Saudi-led coalition warplanes continued to bomb Yemen, despite a statement from Riyadh a day earlier stating it was ending its military campaign.

Yemen offers a regional shipping lane for crude bound to Europe along the Gulf of Aden on its southern coast and through the strait of Bab-el-Mandeb.

Oil prices have climbed by close to $10 per barrel so far in April owing to concerns of potential supply disruption, as well as indications of stronger global demand. These factors have countered concerns of rising US crude inventories owed to still-robust shale production.

Brent crude for June delivery was down $0.02 at $62.71 per barrel by 04.06 GMT, after settling $0.65 higher. WTI for June delivery was up $0.13 at $56.29 per barrel. The contract had closed $0.45 lower in the previous session.

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