Oil up on Tuesday

Oil prices rose on Tuesday due to monetary stimulus from China and concerns over Middle East tensions potentially affecting supply, as a major hurricane loomed over the United States. Brent crude for November increased by 1.14 per cent to $74.74 per barrel, while US WTI crude rose by 1.31 per cent to $71.29.

China’s central bank announced its largest stimulus since the pandemic to support economic growth, raising hopes of boosting oil demand. However, analysts warned that internal demand might remain weak without additional fiscal policies.

In the Middle East, Israel launched airstrikes against Hezbollah sites in Lebanon, escalating tensions in a key oil-producing region. Meanwhile, US oil producers evacuated staff from Gulf of Mexico platforms as a second major hurricane threatened production.

Attribution :Reuters

Subediting: M. S. Salama