Oil prices steady as demand woes offset geopolitical risk
Published: 04:03 PM,Mar 12,2024 | EDITED : 08:03 PM,Mar 12,2024
LONDON: Oil prices held steady on Tuesday as concerns over conflict in the Middle East were offset by bearish demand sentiment ahead of monthly reports from oil agencies.
Brent futures for May delivery were up 3 cents at $82.75 a barrel by 1226 GMT. The April US West Texas Intermediate (WTI) crude contract was down 1 cent at $78.38.
Hopes of a ceasefire in Israel's war against Hamas have faded, with negotiations deadlocked in Cairo while the conflict threatens to widen as Israel and Lebanon's Hezbollah continue to exchange fire.
Though the Gaza conflict has not led to significant oil supply disruptions, Yemen's Iran-aligned Houthis have been attacking ships in the Red Sea and Gulf of Aden since November in a campaign of solidarity with Palestinians.
Airstrikes attributed to a US-British coalition hit port cities and small towns in western Yemen on Monday and the Houthis said on Tuesday that they had fired missiles at what they described as a US ship in the Red Sea. — Reuters
Brent futures for May delivery were up 3 cents at $82.75 a barrel by 1226 GMT. The April US West Texas Intermediate (WTI) crude contract was down 1 cent at $78.38.
Hopes of a ceasefire in Israel's war against Hamas have faded, with negotiations deadlocked in Cairo while the conflict threatens to widen as Israel and Lebanon's Hezbollah continue to exchange fire.
Though the Gaza conflict has not led to significant oil supply disruptions, Yemen's Iran-aligned Houthis have been attacking ships in the Red Sea and Gulf of Aden since November in a campaign of solidarity with Palestinians.
Airstrikes attributed to a US-British coalition hit port cities and small towns in western Yemen on Monday and the Houthis said on Tuesday that they had fired missiles at what they described as a US ship in the Red Sea. — Reuters