Oil prices rose for a second successive session on Tuesday as lingering concern over Middle East supply disruption brought about by the US-Israeli war on Iran outweighed signs of recovering crude exports
Oil prices rose for a second successive session on Tuesday as lingering concern over Middle East supply disruption brought about by the US-Israeli war on Iran outweighed signs of recovering crude exports from the region.
Brent crude futures for November LCOc1 rose $1.71, or 1.6%, to $106.99 a barrel at 0626 GMT, while the more actively traded Brent December contract LCOc2 rose $1.68 to $99.51 a barrel. Meanwhile, US West Texas Intermediate crude CLc1 was at $94, up $1.4, or 1.5%.
A day earlier, both benchmarks closed nearly $1 a barrel higher.
"A clearer picture is emerging of higher oil export volumes leaving the Gulf, but much of that increase still relies on workarounds such as ship-to-ship transfers. Those methods are less efficient and more costly than normal operations, which is why crude prices remain elevated," said KCM Trade chief analyst Tim Waterer.
Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, preliminary figures from data provider Kpler showed on Monday, helped by increased shipments from Saudi Arabia and the United Arab Emirates.
US and Iranian officials spoke separately with mediators in a renewed effort to end seven months
Content Original Link:
" target="_blank">
