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Continuing conflict in the Middle East drives oil prices higher
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[rtl]Baghdad / NINA / Oil prices rose, at settlement on Tuesday evening, for the second session in a row, as traders' hopes for a ceasefire in the Middle East declined and they focused on the balance between global supply and demand.
Brent crude futures rose by $1.75, or 2.36 percent, to settle at $76.04 a barrel.
US crude futures also rose by $1.53, or 2.17 percent, to settle at $72.09 a barrel.
Alex Hodes, energy analyst at StoneX Oil Brokerage, said that traders are assessing the impact of Chinese stimulus measures on fuel demand, in addition to the balance of supply and demand.
Brent and West Texas Intermediate crude futures rose by about two percent at settlement yesterday, Monday, to compensate for some of the decline they witnessed last week by more than seven percent, after the Chinese central bank cut interest rates in an attempt to revive the slowing economy.
U.S. crude oil inventories likely rose by about 100,000 barrels last week, with gasoline and distillate stocks falling by more than 1.5 million barrels each, a Reuters poll showed. Crude inventories fell by 2.2 million barrels in the week to Oct. 11./End9[/rtl]
Brent crude futures rose by $1.75, or 2.36 percent, to settle at $76.04 a barrel.
US crude futures also rose by $1.53, or 2.17 percent, to settle at $72.09 a barrel.
Alex Hodes, energy analyst at StoneX Oil Brokerage, said that traders are assessing the impact of Chinese stimulus measures on fuel demand, in addition to the balance of supply and demand.
Brent and West Texas Intermediate crude futures rose by about two percent at settlement yesterday, Monday, to compensate for some of the decline they witnessed last week by more than seven percent, after the Chinese central bank cut interest rates in an attempt to revive the slowing economy.
U.S. crude oil inventories likely rose by about 100,000 barrels last week, with gasoline and distillate stocks falling by more than 1.5 million barrels each, a Reuters poll showed. Crude inventories fell by 2.2 million barrels in the week to Oct. 11./End9[/rtl]
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