Oil prices rise on Middle East turmoil

Oil prices bounced back in early trade on Tuesday, with the barrel trading reaching $80 in some geopolitical risk premium as flare ups continue in the Middle East region, Reuters reported on Tuesday.

The Brent crude futures rose 0.07 per cent to $82.46 a barrel and U.S. West Texas Intermediate crude was up 0.31 per cent at $76.93 a barrel. Both fell over $1 on Monday as a deepening real estate crisis fuelled worries about demand from China.