Oil Prices Continue Upward Trend on Tuesday as Markets Focus on Middle East Geopolitical Tensions

Deep News

Sep 10

Oil prices extended their gains on Tuesday. The Israeli military claimed to have conducted strikes against Hamas leadership in Qatar's capital Doha, escalating regional conflicts.

Brent crude contracts rose $0.37, or 0.56%, to close at $66.39 per barrel.

New York Mercantile Exchange October delivery West Texas Intermediate (WTI) crude contracts gained $0.37, or 0.59%, to settle at $62.63 per barrel.

Both major crude contracts had already been trending higher, supported by factors including: OPEC+'s latest oil production increase falling short of expectations, market anticipation that multiple countries will continue building oil reserves, and concerns over potential new sanctions against Russia.

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