Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.
Brent crude futures settled at $77.05 a barrel, up 75 cents, or 0.98%. U.S. West Texas Intermediate (WTI) crude finished at $74.25 a barrel, up 69 cents, 0.94%.
Traders were looking to the Chinese stimulus plans to drive growth as supplies are tight following the Christmas and New Year's holidays, said Forex market analyst Razan Hilal.
Concern over sanctions tightening supply has translated into increased demand for Middle Eastern oil, reflected in a rise in Saudi Arabia's February oil prices to Asia, the first such increase in three months.
On Monday in China, Shandong Port Group issued a notice banning U.S.-sanctioned oil vessels from its network of ports, three traders said, potentially restricting blacklisted vessels from major energy terminals on China's east coast.
Shandong Port Group oversees large ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.
Meanwhile, cold weather in the U.S. and Europe boosted heating oil demand, though oil price gains were capped by global economic data.
Source : Reuters
Oil steadied after two-day drop as investors weighed signs of glut and the fallout from western sanctions on Russian producers. West Texas Intermediate traded near $61, while Brent closed below ...
Oil gained as progress between the US and China on trade boosted the outlook for energy demand and lifted risk assets. Brent rose above $66 a barrel, after rallying almost 8% last week, while We...
Oil prices fell on Friday (October 24th) as skepticism crept into the market regarding the Trump administration's commitment to sanctions against Russia's two largest oil companies related to the war ...
Oil steadies but supply fear keeps it on track for weekly gain Oil prices were little changed on Friday, stabilising after the previous day's surge and remaining on track for a weekly gain as fresh U...
Oil prices are headed for their biggest weekly gain since June after the US imposed sanctions on major Russian producers Rosneft and Lukoil, potentially disrupting supply and shifting demand to altern...
Japanese stocks fell slightly after setting a new record the previous day, as investors began to take profits. The Nikkei 225 weakened around 0.3% to 50,383, while the Topix fell 0.5% to 3,308, dragged down by electronics and service sector stocks....
Gold clawed back some losses after plunging below $4,000 an ounce on Monday as progress in US-China trade talks sapped demand for haven assets. Bullion edged higher on Tuesday after tumbling 3.2% in the previous session as negotiators from...
Oil steadied after two-day drop as investors weighed signs of glut and the fallout from western sanctions on Russian producers. West Texas Intermediate traded near $61, while Brent closed below $66 on Monday. The amount of oil being...
European stocks continued to strengthen on Monday, October 27, 2025, as markets grew more confident after the US and China announced they had a...
Top U.S. and Chinese negotiators said they reached a consensus on key disputes, paving the way for Presidents Donald Trump and Xi Jinping to meet...
That the US and China were nearing a trade deal triggered a cross-asset rally, lifting stocks, oil and copper along with China-exposed...
Federal Reserve policymakers are widely expected to reduce U.S. short-term borrowing costs this week by a quarter of a percentage point for the...