NEW YORK: Oil prices rose for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on a tightening global supply and demand balance.

Brent crude futures for December settlement were up $1.61, or 2.2 per cent, to $75.90 per barrel at 2:10 p.m. ET (1810 GMT). US West Texas Intermediate futures for November delivery, which expire after Tuesday’s settlement, were up $1.54, or 2.2pc, at $72.10 a barrel.

Oil traders are also weighing implications for fuel demand from China’s stimulus measures and a tightening global supply-demand balance, said Alex Hodes, energy analyst at brokerage StoneX. Both Brent and WTI rose nearly 2pc on Monday, recouping some of last week’s more than 7pc decline, following Beijing’s cut to benchmark lending rates in an effort to revive China’s slowing economy.

Published in Dawn, October 23th, 2024