Oil continues to rise after an attack on Saudi oil facilities

Oil prices rose in the European market today, to continue rising for the second straight day, on concerns of Saudi Arabia's supply disruption after an attack by the Houthis group on Saudi oil facilities earlier this week, while the gains were curbed due to the gloomy global demand forecasts, amid market's anticipation of the US decision about the Chinese company Huawei

As of 09:55 GMT, WTI rose to $55.25 a barrel from the opening of $54.77, with a high of $55.75, and a low of $54.77.

Brent rose to $59.10 a barrel from the opening of $58.72, with a high of $59.62, and a low of $58.65.

WTI closed higher by 0.2% on Friday, and Brent futures rose by 0.5%, their first gain in three days, as US economy slowdown fears eased.

Over the past week, oil prices rose by around 1%, the first weekly gain in the last three weeks, rebounding from 7-month low, on market's bets for Saudi Arabia to support price.

Saudi Arabia's supply disruption concerns were renewed due to the mounting geopolitical tensions, especially after an attack by the Yemeni Houthi group on an oil field in eastern Saudi Arabia on Saturday, which have caused a fire at a gas plant.

On the other hand, OPEC lowered its forecast for global oil demand growth in 2019 by 40 thousand barrels, to reach 1.1 million barrels per day, and pointed out to the possibility of a slight surplus in 2020.

Markets are anticipating the US decision today on allowing Huawei to buy supplies from US companies, and in case of a negative decision a trade agreement China and the US will be more difficult in the near future.