© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
LCO
+0.73%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
CL
+0.75%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
By Yuka Obayashi
TOKYO (Reuters) – Oil prices rose in early Asia trade on Tuesday, recovering some of the previous day’s losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions.
Brent crude futures climbed 70 cents, or 0.8%, to $90.53 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures increased 71 cents, or 0.8%, to $86.20 a barrel.
“The market is up on an adjustment after a drop in the past two sessions and on nagging fears of possible supply disruptions in the Middle East,” Yuki Takashima, economist at Nomura Securities said.
Both benchmarks fell more than 2% on Monday as diplomatic efforts in the Middle East, the world’s biggest oil-supplying region, intensified to contain the conflict between Israel and Hamas, easing investor worries about supply disruptions.
Hamas on Monday said it had freed two Israeli women who were among the more than 200 hostages taken during its Oct. 7 rampage in southern Israel, while sources said the U.S. had advised Israel to hold off on a ground assault in the Gaza Strip.
But Israel continued its bombardment of Gaza on Monday after launching air strikes over southern Lebanon overnight.
Israel pounded hundreds of targets in Gaza from the air on Monday as its soldiers fought Hamas militants during raids into the besieged Palestinian strip, where deaths are soaring and civilians are trapped in harrowing conditions.
“We expect WTI to move within the $80-$90 range for a while, with all eyes on the situation in Israel and Gaza, OPEC production and the pace of demand recovery in China,” Takashima said, adding investors were also focusing on U.S. inventory data.
U.S. crude stockpiles were expected to have risen last week, while distillate and gasoline inventories fell, a preliminary Reuters poll showed on Monday.
The poll was conducted ahead of reports from the American Petroleum Institute industry group, due at 2030 GMT on Tuesday, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, due at 1430 GMT on Wednesday.
Source: Investing.com
