Oil Rises $1 as Middle East Crisis, Inflation Fight in Focus

LONDON—Oil prices rose by more than $1 on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply.

Brent crude futures rose $1.33, or 1.75 percent, to $77.45 a barrel at 1131 GMT, while U.S. West Texas Intermediate crude futures gained $1.29, or 1.82 percent, to $72.06 a barrel.

Geopolitical tensions in the Middle East and an ongoing supply outage in Libya offered support to prices on Tuesday, analysts said.

“On the supply side, there are some bullish factors from the closure of Libya’s largest oilfield, which has affected around 0.3 million barrels per day of oil production,” said Suvro Sarkar, energy sector team lead at DBS Bank.

Read Full Article Here