2024-01-30T04:25:25+00:00
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/ Continuing concerns about supply shortages due to escalating geopolitical tensions in the Middle East pushed oil prices to make gains during early trading on Tuesday.
Brent crude futures rose 18 cents, or 0.22 percent, to $82.58 a barrel by 0319 GMT. U.S. West Texas Intermediate crude rose 28 cents, or 0.36 percent, to $77.07 a barrel.
Both contracts fell more than a dollar on Monday as a deepening property crisis fueled concerns about Chinese demand after a Hong Kong court ordered property giant China Evergrande Group to be liquidated.
An attack on a Trafigura oil tanker in the Red Sea over the weekend has increased the risk of supply disruption, while the risk of the United States being drawn into the conflict is also growing.
Oil price gains also come ahead of the Federal Reserve’s interest rate decision, with the Federal Open Market Committee starting a two-day meeting on Tuesday.
Policymakers are expected to keep interest rates steady, but some investors believe the central bank may abandon its rate-hike bias.