Oil stabilizes near seven-month highs

It is reported that Brent futures were up 33 cents at $71.10 a barrel by 1127 GMT, while West Texas Intermediate (WTI) futures gained 22 cents to $65.85.

Brent prices reached their highest since 31st July on Friday, while WTI hit its highest since 4th August on Monday.

As stated earlier, a new oil well began production in Egypt’s Gulf of Suez.