Oil climbs as shut pipeline in U.S. adds to supply uncertainty
Oil extended gains on Tuesday as a key pipeline bringing the resource to the United States remained shut, adding to concerns about potential tight supply in the world's biggest crude consumer.
Brent crude futures rose $1.16, or 1.5%, to $79.15 per barrel by 0525 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.4%, to $74.22.
Both benchmarks settled up more than 2% in the previous session.
"Crude oil gained as supply side issues offset concerns of weaker demand," said ANZ Research analysts Brian Martin and Daniel Hynes, in a note to clients on Tuesday.
Concerns about Russian oil output have arisen since President Vladimir Putin said on Friday that Russia could cut production.
$OIL$NATGAS$NSDQ100$SPX500
Source: www.investing.com/news/commodities-news/oil-rises-on-us-supply-concerns-hopes-for-returning-china-demand-2962755... Show More
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