Brent crude futures were up 12 cents to $76.42 a barrel at 1001 GMT, while U.S. West Texas Intermediate crude futures rose 22 cents to $73.16
Oil prices pared gains in volatile trade on Tuesday as fears of an escalation in the Middle East conflict and a drop in production at Libya’s largest Sharara oil field raised the prospect of tight supplies.
“Fears over a slowdown in the U.S. and weak growth in China look set to weigh heavily on prices, and the increased production from OPEC+ from Q4 adds another headwind that will prevent prices recovering in the near term,” said Panmure Liberum analyst Ashley Kelty. On Monday, at least five U.S. personnel were injured in an attack against a military base in Iraq, U.S. officials told Reuters. It was unclear whether the attack was linked to the retaliation threats." long-awaited seasonal upturn in demand in Q3 seems to be disappointing. Use of on-road fuels like gasoline and diesel is coming below initial bullish expectations,” Onyx Capital Group analyst Harry Tchilinguirian said.
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