Oil gains on expectations for higher demand and as Middle East concerns rise
© Reuters. FILE PHOTO: Oil tankers sail along Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo - Oil prices rose on Tuesday, underpinned by signs that demand may improve China and the U.S., the world's biggest oil consuming nations, and growing concerns of a widening conflict in the Middle East that could affect supply from region.futures for June delivery rose 41 cents to $87.83 a barrel by 0440 GMT. U.S.
Manufacturing activity in March in China expanded for the first time in six months and in the U.S. for the first time in 1-1/2 years, which should translate to rising oil demand this year. China is the world's largest crude importer and second-largest consumer while the U.S. is the biggest consumer. "To date, the market hasn't been worried about supply disruptions, with the war remaining contained. Iran’s involvement could see its oil supply under threat," ANZ analysts wrote in a note.
"Combined with persistent geopolitical risk events including the recent attack on the Iranian embassy in Syria, this could take oil prices towards US$90/bbl in the near term," he added.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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