Oil prices experienced an uptick in early trading on Tuesday as concerns over supplies persisted amidst escalating geopolitical tensions in the Middle East.<\/p>\n\n\n\n
Brent crude futures saw a rise of 25 cents, or 0.3 percent, reaching $82.65 per barrel by 0105 GMT. US West Texas Intermediate crude also increased by 31 cents, or 0.4 percent, reaching $77.09 a barrel.<\/p>\n\n\n\n
On Monday, both contracts had fallen by over a dollar, primarily driven by growing worries about Chinese demand amid the deepening real estate crisis following a Hong Kong court’s order for the liquidation of the major real estate group, China Evergrande.<\/p>\n\n\n\n
Despite the concerns about demand, analysts highlight that the market remains tense due to mounting worries about oil supplies. The recent deadly drone attack in Jordan by Iranian-backed militants, resulting in the first incident with American military personnel killed since the start of the Gaza war, has raised concerns. Additionally, an attack on a Trafigura oil tanker in the Red Sea over the weekend has increased the risks of supply disruptions, with a growing possibility of the US becoming involved in the conflict.<\/p>\n\n\n\n
The rise in oil prices also comes ahead of the Federal Reserve’s interest rate decision. The Federal Open Market Committee is set to begin a two-day meeting on Tuesday, with expectations that policymakers will maintain interest rates at current levels. However, some investors believe there may be a shift away from the central bank’s inclination towards rate hikes.<\/p>\n\n\n\n
In addition, a Reuters poll indicated expectations of a decline in US crude oil and distillate inventories for the past week, while gasoline inventories are anticipated to rise.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices experienced an uptick in early trading on Tuesday as concerns over supplies persisted amidst escalating geopolitical tensions in the Middle East. Brent crude futures saw a rise of 25 cents, or 0.3 percent, reaching $82.65 per barrel by 0105 GMT. US West Texas Intermediate crude also increased by 31 cents, or 0.4 percent, …<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[7156,10656,8367,6909],"class_list":["post-96140","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-brent","tag-red-sea","tag-us-dollar","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=96140"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96140\/revisions"}],"predecessor-version":[{"id":96141,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/96140\/revisions\/96141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=96140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=96140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=96140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}