Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in...
LONDON - Oil edged further above $63 a barrel on Tuesday, supported by rising tensions in the Middle East after Iran’s seizure of a British tanker last week, although signs of faltering demand capped gains.
“Recent incidents in the Middle East should remind us that the situation is fluid and tensions could flare up again,” said Giovanni Staunovo, analyst at UBS.Brent crude LCOc1 climbed 11 cents to $63.37 a barrel by 0836 GMT. The international benchmark rose more than 1% on Monday, fueled by Iran concerns. U.S. West Texas Intermediate crude CLc1 added 16 cents to $56.38.
But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International Energy Agency, despite lower Iranian exports and OPEC’s voluntary supply curbs.
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