SULAIMANI (ESTA) — Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses.
Brent crude gained 82 cents to $74.74 a barrel by 0630 GMT, having fallen by almost %2 on Monday.
U.S. West Texas Intermediate (WTI) futures were up 84 cents to $71.13 per barrel, after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, Reuters cited ANZ analysts as saying.
“While slowing Chinese economic growth and uncertainty around the [U.S.] Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note, according to Reuters.