West TX Oil Remains Near $56 on Escalating Yemen Fights

U.S. crude held above $57.15 a barrel on Monday, close to a 2015 high as fights in Yemen intensified and U.S.-led air strikes targeted Islamic State militants in Syria, creating more tensions over the security of Middle East oil supplies.

U.S. crude edged up 1 cent at $57.16 a barrel as of 0000 GMT after it closed down 59 cents at $57.15 a barrel on Friday, retreating from Thursday’s 2015 high of $58.41.  Brent gained 7 cents at $65.35 a barrel. It previously settled up 43 cents at $65.28 a barrel after hitting a Dec. 10 high of $65.80.

Fighting has escalated across Yemen on Sunday in some of the most widespread combat since a Saudi-led alliance intervened last month against Iranian-allied Houthi militia who have seized large tracts of the country.

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