KONTAN.CO.ID - SINGAPORE. Oil prices edged higher for a third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Brent futures gained 25 cents, or 0.3%, to $82.99 a barrel by 0633 GMT, while U.S. West Texas Intermediate (WTI) crude rose 27 cents, also 0.3%, to $79.01. Both benchmarks settled over 2% higher the previous day at their highest closing levels since April. The crude benchmarks have already climbed for four weeks in a row with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known as OPEC+. Some analysts say it could rise further in the short term.
Oil Prices Rise on Tighter Supply, China Hopes
KONTAN.CO.ID - SINGAPORE. Oil prices edged higher for a third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Brent futures gained 25 cents, or 0.3%, to $82.99 a barrel by 0633 GMT, while U.S. West Texas Intermediate (WTI) crude rose 27 cents, also 0.3%, to $79.01. Both benchmarks settled over 2% higher the previous day at their highest closing levels since April. The crude benchmarks have already climbed for four weeks in a row with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known as OPEC+. Some analysts say it could rise further in the short term.