A US plan to boost strategic crude reserves provided some support, despite continued pressure due to broader concerns about weak demand growth in the future.
Price movements
By 12:37 GMT, crude futures increased Brent 94 cents, or 1.32 percent, to $72.36 a barrel, while US West Texas Intermediate crude rose 98 cents, or 1.45 percent, to $68.36.
Futures contracts for the two standard crudes fell yesterday, Monday, to their lowest levels since October 1, after the strike by… Israel Earlier this week, in response to an attack I carried out Iran earlier without compromising Tehran’s oil infrastructure.
With no indications that either side is escalating the conflict after this attack, investors’ concerns have emerged about weak growth in global oil demand for this year and next.
The decline in demand for oil also puts pressure on… Chinathe largest importer of crude in the world, on global consumption and oil prices.
Tension remains high in the Middle East, and Iranian Foreign Ministry spokesman Ismail Baghaei said on Monday that Iran “will use all available tools” to respond to the Israeli attack.
The United States said yesterday, Monday, that it seeks to purchase up to three million barrels of oil for the strategic reserve for delivery until the end of May next year, in a purchase that will leave the government little money to purchase other quantities until representatives agree to make more funds available.
In the United States, a preliminary poll conducted by Reuters yesterday suggested that crude oil and gasoline stocks would rise last week, while distillate stocks were expected to decline.
The American Petroleum Institute is scheduled to issue its weekly report today, Tuesday, while the Energy Information Administration, the statistical arm of the US Department of Energy, will issue its report tomorrow, Wednesday.
