Oil prices rise on Iraq, Yemen fighting

Oil prices rose slightly in early Monday trading on supply concerns in the Middle East following fighting in Iraq and Yemen, although signs of strengthening US production capped stronger gains.

Front-month US crude was up 11 cents at $59.80 a barrel at 0019 GMT. International Brent futures were 9 cents up at $66.90 per barrel.

In Iraq, the US government said on Sunday that Islamic State militants had gained the advantage in fighting in Ramadi although it added that if the western Iraqi city fell, the US-led coalition would support Iraqi forces to take it back.

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Posted in: Indian Market Tips