Oil prices rebound amid Mideast anxiety

By
July 18, 2006 13:37

 
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Oil prices rebounded Tuesday after a steep drop the previous day as continued fighting in the Mideast added jitters to a market already edgy about tight supplies. Escalating fighting between Israel and militants in Lebanon has no direct effect on oil supplies, but has sparked worries that Iran, a financial backer of Hezbollah and OPEC's No. 2 supplier, could be drawn into the conflict. Light, sweet crude for August delivery rose 37 cents to US $75.67 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

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