Oil prices edge up as Blinken visits Middle East for Gaza ceasefire talks
Shafaq News / Oil prices recorded an upward trend in early Tuesday as investors assess US Secretary of State Antony Blinken's visit to the Middle East to discuss a ceasefire in the Palestinian Gaza Strip.
According to Reuters, Brent crude futures rose 20 cents to $78.19 a barrel at 04:52 GMT, while US West Texas Intermediate (WTI) crude futures climbed 20 cents to $72.98. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions.
The United States continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes.
In Russia, two Ukrainian drones reportedly struck the country's largest oil refinery in the south on Saturday, according to a source in Kiev cited by Reuters. This is the latest attack in a series targeting Russian oil facilities, leading to a decrease in Russia's exports of petrochemical crude oil.
Market participants are awaiting industry data scheduled for release later on Tuesday regarding US crude inventories. Five analysts polled by Reuters estimated on average that crude inventories rose by about 2.1 million barrels in the week to Feb. 2.
