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Oil edges up on Middle East tension, global market recovery
Oil prices edged up on Tuesday, supported by concerns that tensions in the Middle East could lead to supply disruptions.
Hopes that behind-the-scenes talks between the United States and China will prevent a looming trade war between the world’s two biggest economies also supported global markets, including crude oil futures. West Texas Intermediate (WTI) crude futures CLc1 were at $65.69 a barrel at 0602 GMT, up 14 cents, or 0.2 percent, from their previous close.
Brent crude futures LCOc1 were at $70.20 per barrel, up 8 cents, or 0.1 percent.
James Mick, Managing Director and Energy Portfolio Manager with asset management firm Tortoise, said “rising geopolitical tensions” were driving up oil prices. The biggest risk was that the United States could re-introduce sanctions on Iran.