A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/file photoLCO +2.19% Add to/Remove from Watchlist CL +2.43% Add to/Remove from WatchlistBy Robert HarveyLONDON (Reuters) -Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. Brent and WTI incurred 3% and 4% losses respectively on Monday after sharp cuts to Saudi Arabia's official selling prices (OSP), prompting both supply and demand concerns. Commerzbank (ETR: ) analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions".
