Oil prices continued to record gains, and rose slightly in early Asian trading on Tuesday, amid concerns about US production in the wake of Hurricane Francine, and expectations of a decline in US crude inventories.
Brent crude futures for November rose 16 cents, or 0.2 %, to $72.91 a barrel by 01:20 GMT, while US crude futures for October rose 34 cents, or 0.5 %, to $70.43 a barrel.
Brent and US crude futures settled higher in the previous session after concerns about Hurricane Francine’s continued impact on production in the US Gulf of Mexico erased concerns about Chinese demand ahead of the Federal Reserve’s decision to cut interest rates this week, which is expected to be positive for investor sentiment in the oil sector.
Source: National Iraqi News Agency