17.05.201908:59:00UTC+00Crude Oil Futures Extend Recent Gains

Crude oil prices are extending recent gains on Friday with traders continuing to weigh supply concerns due to the ongoing tensions in the Middle East.

After settling at a two-week high on Thursday, West Texas Intermediate Crude oil futures for June are up again, gaining $0.50, or 0.80%, at $63.37 a barrel.

WTI futures rose to a high of $63.64 earlier in the session.

Meanwhile, Brent crude futures for July are up $0.18, or 0.25%, at $72.86 a barrel, off the day's high of $73.23.

Crude oil prices have been rising in recent sessions due to concerns about possible supply disruptions after Saudi's oil infrastructure was sabotaged last weekend.

On Thursday, a Saudi-led coalition reportedly said it launched airstrikes on Iran backed Houthi rebels, in retaliation for the attacks on Saudi's oil infrastructure.

A report released by Energy Information Administration on Thursday said supply of natural gas

Meanwhile, markets await the outcome of the upcoming meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee, scheduled to take place in Jeddah this Sunday.