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Oil prices rise amid fears of supply disruptions
Shafaq News/ Oil prices jumped, on Tuesday, to regain some of the gains they lost in the previous day's sharp losses, due to fears of a possible disruption to supplies amid escalating geopolitical tensions in Eastern Europe and the Middle East.
Brent crude futures rose 59 cents, or 0.71 percent, to $86.87 a barrel at 05:16 GMT, reversing a 1.8 percent decline in the previous session.
US West Texas Intermediate crude futures rose 49 cents, or 0.59 percent, to $83.78 a barrel, after falling 2.2 percent on Monday.
Oil prices reached their highest levels in seven years last week, supported by tight global supply and the return of global demand.
“The tone of the market remains strong, buoyed by rising geopolitical risks,” said Chiyuki Chen, chief analyst at Sunward Trading.
"We saw profit-taking on Monday when prices rose and Wall Street temporarily sank amid concerns about the US Federal Reserve's policy to cut economic stimulus, but the appetite for oil buying remained strong," he said.
On Monday, NATO said it was putting its forces on alert and bolstering Eastern Europe with more ships and combat aircraft, in what Russia called Western "hysteria" in response to its build-up of troops on the Ukrainian border.
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Brent crude futures rose 59 cents, or 0.71 percent, to $86.87 a barrel at 05:16 GMT, reversing a 1.8 percent decline in the previous session.
US West Texas Intermediate crude futures rose 49 cents, or 0.59 percent, to $83.78 a barrel, after falling 2.2 percent on Monday.
Oil prices reached their highest levels in seven years last week, supported by tight global supply and the return of global demand.
“The tone of the market remains strong, buoyed by rising geopolitical risks,” said Chiyuki Chen, chief analyst at Sunward Trading.
"We saw profit-taking on Monday when prices rose and Wall Street temporarily sank amid concerns about the US Federal Reserve's policy to cut economic stimulus, but the appetite for oil buying remained strong," he said.
On Monday, NATO said it was putting its forces on alert and bolstering Eastern Europe with more ships and combat aircraft, in what Russia called Western "hysteria" in response to its build-up of troops on the Ukrainian border.
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