Brent crude appreciated 1.92% while WWE Texas Intermediate appreciated 2.01%.
The oil prices rose on Tuesday after falling in the previous session, as markets weighed tensions in Middle East in the face of concerns about demand and increasing supply of the OPEC.
At 11:17 GMT, the Brent crude oil futures gained $1.46, or 1.92%, to $77.58 a barrel, and the West Texas Intermediate in the United States they improved $1.42, or 2.01%, to $72.19, Reuters reported. Crude benchmark indices recovered from losses of 3% and 4% recorded on Monday, respectively, after sharp cuts in Saudi Arabia, main world exporter, in its official sales prices.
According to analysts, geopolitical tensions in the Middle East and supply disruptions in Libya They supported prices on Tuesday. “On the supply side, the closure of Libya’s largest oil field, which has affected about 0.3 million barrels a day of crude oil production, has some bullish factors,” said Suvro Sarkar of DBS Bank.
On the other hand, some large shipping companies continue to avoid Red Sea. The German Hapag-Lloyd said on Tuesday it will continue to divert ships around the Cape of Good Hope in the wake of maritime attacks by Houthi rebels in Yemen.
Refering to Gaza warthe Israeli army indicated that its fight against Hamas will continue through 2024, worrying markets about the possibility of the conflict turning into a regional crisis that disrupts the supply of Petroleum in Middle East.
The US Secretary of State, Anthony Blinkentold Israeli leaders that there is still a chance of gaining acceptance from their Arab neighbors if they create a path to a viable Palestinian state.
Source: Ambito
