Oil prices rose slightly in early Monday trading on supply concerns in the Middle East following fighting in Iraq and Yemen, although signs of strengthening U.S. production capped stronger gains.
Front-month U.S. crude was up 11 cents at $59.80 a barrel at 0019 GMT. International Brent futures were 9 cents up at $66.90 per barrel. Price were supported by concerns that conflict in Iraq as well as Saudi attacks on Yemen could disrupt production or supply routes.
A Saudi Arabian-led coalition resumed air strikes against Yemen’s Houthi militia in Aden, a port-city close to key Middle East oil tanker routes to Europe, after a five-day truce expired, a Reuters eyewitness said on Monday.