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

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Going dry
Updated 07 Apr, 2025

Going dry

Authorities should refrain from undertaking any water scheme that infringes on rights of any federating unit to avoid more controversies.
Afghan return
07 Apr, 2025

Afghan return

AS expected, the government of Pakistan is moving ahead with its plan to forcibly repatriate Afghan Citizenship Card...
Hurting women
07 Apr, 2025

Hurting women

MONTH after month, the figures of crimes against women in the country indicate that our society is close to...
Not cricket
Updated 06 Apr, 2025

Not cricket

It is high time that the PCB sets things right; even if it demands a complete overhaul of the system.
Balochistan deadlock
Updated 06 Apr, 2025

Balochistan deadlock

Akhtar Mengal’s demands to release women activists should seriously be considered.
Escalating brutality
Updated 06 Apr, 2025

Escalating brutality

The world’s patience is running out. Israel must be held accountable under international law for war crimes.