Oil Rises as Supply Risks Ripple Through Mideast, Great Plains - Bloomberg

Oil Rises as Supply Risks Ripple Through Mideast, Great Plains - Bloomberg:

Oil climbed for a second day as supply risks from the Middle East to the U.S. Great Plains overwhelmed concerns that trade tensions will swamp energy demand. 


Futures advanced as much as 1.6% in New York on Tuesday, joining a recovery in equity markets. A jump in consumer confidence fueled optimism among traders returning to work after crude logged the steepest weekly decline of 2019.

“A lot of guys looked at the washout we saw last week as an opportunity,” said Phil Streible, senior market strategist at RJO Futures Group Inc. in Chicago. “There was a lot of money on the sides with people who think oil is going to press back upwards.”