Oil rises towards $69 as focus returns to tighter market | Reuters
Oil prices rose towards $69 a barrel on Tuesday as investors focused on prospects for tighter supply due to extended OPEC+ output curbs and amid growing hopes of a recovery in demand.
Crude it its highest level since the start of the pandemic on Monday after Yemen’s Houthi forces fired drones and missiles at Saudi oil sites on Sunday. Saudi Arabia said it thwarted the strike and prices slipped as supply fears eased.
Brent crude rose 51 cents, or 0.8%, to $68.75 by 0920 GMT, after trading as low as $67.61. U.S. West Texas Intermediate (WTI) crude added 34 cents to $65.39.
“Dips have been lately viewed as buying opportunities,” said Tamas Varga of broker PVM. “Last week’s OPEC+ meeting will ensure that the global oil balance will get tighter in the foreseeable future.”
On Monday, Brent rose to $71.38, its highest since Jan. 8, 2020 and U.S. crude hit $67.98, the highest since October 2018.
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