Oil settles up 2% as Mideast war rages, supplies tighten

Quick Summary:

Oil prices settled higher for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on signs of improving demand from China, which could tighten market balances in the months ahead.

Oil prices eased slightly in low-volume, after-hours trading, with Brent crude at US$75.51 a barrel.

China on Tuesday set crude import quotas for next year at 257 million metric tons (5.14 million bpd), up from this year's 243 million tons.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelLebanon

Topics: WTICrude MiddleEastTensions CrudeFutures /Business/ Commodities SupplyDeficit ChinaEconomy FuelConsumption OilPrices GlobalDemand

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-23 @ 07:13:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 590 words

Reading Time: 4 minutes read

Sentences: 23 lines

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Copyright Owner: © The Star

News ID: 23208516

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