2024-01-23T04:27:20+00:00
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/ Oil prices suffered losses in early Asian trading on Tuesday, as concerns over global oil demand outlook overshadowed geopolitical tensions in the Middle East and other supply concerns following an attack on a Russian fuel export terminal earlier this week.
By 01:25 GMT, Brent crude futures were down 14 cents, or 0.2 percent, at $79.92 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.1 percent, at $74.66 a barrel.
Both crudes rose about 2% on Monday as a Ukrainian drone attack on Novatek’s Ust-Luga fuel export terminal raised supply concerns and prices. Analysts say Novatek is likely to largely resume operations there within weeks.
In the Middle East, the United States called on Israel to protect innocent people in hospitals, medical staff and patients, as Israeli forces stormed a hospital and placed another under siege as they advanced deep into Khan Younis, Gaza.
US and British forces also carried out a new round of strikes targeting an underground Houthi storage site and missile and surveillance capabilities used by the Houthi group in Yemen.
Houthi attacks on ships in and around the Red Sea have disrupted global shipping and raised fears of inflation. The group says its attacks are in solidarity with the Palestinians as Israel bombs Gaza.