NEW YORK: Oil prices rose for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on a tightening global supply and demand balance.
Brent crude futures for December settlement were up $1.61, or 2.2%, to $75.90 per barrel at 2:10 p.m. ET (1810 GMT). US West Texas Intermediate (WTI) futures for November delivery, which expire after Tuesday’s settlement, were up $1.54, or 2.2%, at $72.10 a barrel.
Oil traders are also weighing implications for fuel demand from China’s stimulus measures and a tightening global supply-demand balance, said Alex Hodes, an energy analyst at brokerage StoneX. Both Brent and WTI rose nearly 2% on Monday, recouping some of last week’s more than 7% decline, following Beijing’s cut to benchmark lending rates in an effort to revive China’s slowing economy.
ALSO READ:
https://flarenews.pk/2024/10/23/app-store-vs-google-play-which-platform-brings-more-revenue-in-2024/
