Oil Rises 1% Amid Signs of Tight US Supplies

Oil prices rose on Tuesday, September 21, after analysts pointed to signs of tight US supplies, ending a series of losses that lasted for days, while global markets still haunted by the specter of the potential impact on the Chinese economy from the crisis of the debt-burdened real estate group China Evergrande.

Brent crude rose 95 cents, or 1.3 percent, to $74.87 a barrel by 06:45 GMT, after falling by about 2 percent on Monday.

The price of US Texas crude contracts, which expires later in the day, rose by about 91 cents, or 1.3 percent, to $ 71.20, after declining by 2.3 percent in the previous session.

Investors in various financial assets continue to be affected by the fallout from the debt-laden Evergrande and the threat of a broader market shock in the long term.

The US Federal Reserve is expected to start tightening monetary policy, which is likely to make investors more cautious about riskier assets such as oil.