LONDON - Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran’s seizure of a British tanker last week, although signs of faltering demand capped gains.
“Recent incidents in the Middle East should remind us that the situation is fluid and tensions could flare up again,” said Giovanni Staunovo, analyst at UBS.Brent crude LCOc1 climbed 11 cents to $63.37 a barrel by 0836 GMT. The international benchmark rose more than 1% on Monday, fueled by Iran concerns. U.S. West Texas Intermediate crude CLc1 added 16 cents to $56.38.
But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International Energy Agency, despite lower Iranian exports and OPEC’s voluntary supply curbs.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran tanker seizure shows oil price has become a 'broken barometer' for Mideast tensionLast week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that dynamic. You're fracking right it has... Obviously because Oil prices are controllable, the rising prices was an excuse to deploy Millitary so contractors would get money. Now people don’t want to be invaded and taken over 🤷🏻♂️😂 The middle East is not the only supplier of oil, if you used this as a 'barometer' I'm guessing that you not only don't know how that's used, but you also have no clue how basic supply and demand works. Probably written by the same people who believe the earth is flat....
Source: CNBC - 🏆 12. / 72 Read more »
This Woman Is Putting Her 17 Kids Through School Thanks to a Face OilMoringa is so much more than the source of a trendy beautifying oil. For the people of northern Uganda, this sustainable resource represents the future. So 16 kids wasn't enough?..... 🤨😳 Then her uterus fell out.
Source: marieclaire - 🏆 102. / 63 Read more »
Oil Prices Jump After Iran’s Tanker SeizureCrude prices climbed as investors reacted to the latest escalation in tensions between Iran and the West after Tehran announced the seizure of a British-flagged oil tanker Friday. AOC Think how high crude will get when Greenland melts!
Source: WSJ - 🏆 98. / 63 Read more »
Europe stocks gain, oil jumps on Middle East tensionsEnergy stocks booked the largest gains in Europe after crude oil prices jumped at least $1 per barrel, on concern that Iran's seizure of a British tanker last week may lead to disruptions in the Middle East.
Source: trtworld - 🏆 101. / 63 Read more »
Strait of Hormuz: the world's most important oil arteryIran's ambassador to Britain warned against escalating tensions on Sunday, ... Gulf of Mexico more important to US! Ya and another Oil War in making... another avoidable one. as if Trump knows how many roads to Persia exist,
Source: Reuters - 🏆 2. / 97 Read more »
U.S. sanctions Chinese oil buyer over alleged Iran violationsThe United States has sanctioned Chinese state-run energy company Zhuhai Zhenron... The war machines are heating up! In the end USA will collapse alone like old drunk bully Come on Mickey... Who remembers the old song... ...bomn, bomb, bomb,.... ...Iran. Our elders had it right in the 70's
Source: Reuters - 🏆 2. / 97 Read more »