Oil up on Tuesday

Oil prices rose on Tuesday, with Brent crude up 33 cents to $72.96 a barrel and US West Texas Intermediate (WTI) gaining 29 cents to $69.53, supported by positive short-term market outlooks and robust US economic data.

Analysts noted stable December supply-demand dynamics and projected near-term price stability amid reduced market activity during the holiday season. FGE highlighted the potential for price spikes from supply disruptions, while Sparta Commodities pointed to shifting 2025 oil balance projections from major agencies.

Stronger US economic indicators, including rising capital goods orders and home sales, further bolstered sentiment. Traders now await US crude inventory data, with expectations of a 2-million-barrel decline reflecting healthy demand.

Attribution: Reuters

Subediting: M. S. Salama