YORK: As traders downplayed prospects of a ceasefire in the Middle East and concentrated on a tightening global supply and demand balance, oil prices increased for the second straight day on Tuesday.
At 2:10 p.m. ET (1810 GMT), Brent crude futures for December settlement were up $1.61, or 2.2%, to $75.90 a barrel. The November delivery US West Texas Intermediate futures, which expire after Tuesday’s settlement, were up $1.54, or 2.2 percent, at $72.10 per barrel.
According to Alex Hodes, an energy analyst at brokerage StoneX, oil traders are also considering how China’s stimulus policies and a tightening global supply-demand balance may affect fuel consumption. After Beijing lowered benchmark lending rates in an attempt to boost China’s faltering economy, Brent and WTI both increased by almost 2 percent on Monday, partially recovering from last week’s more than 7 percent drop.
