Global Oil Prices Rise Amid Deterioration of Yemen Crisis

Oil-recovery

Global Oil Prices Rise Amid Deterioration of Yemen Crisis

Saudi-News

World oil prices grew on Monday amid the escalation of the armed conflict in Yemen, according to trading data.

The price of Brent North Sea crude June futures increased by 1.21 percent and was trading at $64.22 per barrel. The price of West Texas Intermediate (WTI) light sweet crude oil futures for May delivery increased by 1.49 percent, to reach $56.57 per barrel.

In late March, a Saudi-led international coalition launched the airstrikes targeting positions of Shiite Houthis rebels in Yemen, following a request from President And Rabbuh Mansour Hadi.

On Sunday alone, nearly 100 people died in southern Yemen as a result of clashes between the Houthis and supporters of Hadi, according to local media.

Global oil prices have dropped by nearly 50 percent since last summer amid oversupply in the market. In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided not to reduce oil output levels, which contributed to a further slump in prices.

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