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Oil prices rise as Yemen crisis lingers


Oil prices rose on Wednesday as the Yemen conflict remained a concern despite a global supply glut.

Brent crude for June delivery LCOc1 was up 47 cents at 62.55 dollars a barrel while the U.S. crude for June delivery CLc1 was up 7 cents to close at 56.68 dollars a barrel.

Prices drew support from continued fighting in Yemen, despite Saudi Arabia saying on Tuesday it was ending a month-long campaign against the Iran-allied Houthi rebels.

Yemen sits on shipping lanes used to transport oil from the Arab Gulf to Europe via the Suez Canal.

Oil prices had gained nearly $10 a barrel this month on tensions in the Middle East and concerns over slowing output growth in the United States.

A new bull market might arrive much sooner than expected given the huge scale of capital and workforce withdrawal in the sector, a former boss of (BP.L) said on Wednesday.

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