Oil prices climbed on Tuesday, regaining some of the ground lost in the previous day’s sharp losses, on concerns over possible supply disruptions amid rising geopolitical tensions in Eastern Europe and the Middle East.
US West Texas Intermediate crude futures climbed 34c, or 0.4%, to $83.65 a barrel, having slid 2.2% on Monday. “The market tone stays strong, supported by heightening geopolitical risk,” said Chiyoki Chen, chief analyst at Sunward Trading. “We saw profit-taking on Monday when the prices moved higher and as Wall Street temporarily sank amid concerns over the US Federal Reserve’s policy to reduce economic stimulus, but buying appetite for oil remained solid,” he said.
Nato said on Monday it was putting forces on standby and reinforcing Eastern Europe with more ships and fighter jets, in what Russia denounced as Western “hysteria” in response to its build-up of troops on the Ukraine border.
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