Key Points
(Reuters) -Oil prices rebounded by more than 1% on Tuesday, paring previous sessions losses, on supply concerns amid an escalating Middle East conflict, stronger U.S. services sector data and a cut in production at Libyas Sharara oilfield...
Oils slide was limited by mounting concerns concerns that Iran, a key Middle Eastern producer, may retaliate against Israel and the U.S. for the assassination of a Hamas leader in Tehran and an Israeli attack that killed a Hezbollah commander in Lebanon, potentially leading to a wider regional war...
Oil seems to have clawed back some of its losses as broader concerns of a possible escalation in Middle Eastern conflict continue to add (to) apprehensions in (the) oil market..
The U.S. has been urging countries to convey to Iran that escalation is not in its interest, a State Department spokesperson said on Monday.. Oil was also supported by overnight data showing services sector activity in the U.S., the worlds biggest oil consumer, rebounded from a four-year low in July...
Oils gains also occurred amid a broader rally in Asian equity markets after they plunged on Monday.. Relief rallies in global market overnight also seemed to have repaired overall sore sentiments, sparking some fresh position taking in oil, Phillip Novas Sachdeva said.. Concerns of lower production at Libyas 210,000 barrel-per-day Sharara oil field also buoyed prices..
