Oil prices rose by more than $2 on Tuesday on tensions in the West Asia and reduced Libyan output, but were yet to fully recovered from steep losses earlier this week. Tensions in the West Asia and an ongoing supply outage in Libya offered support to prices on Tuesday, analysts said. Brent and WTI incurred 3% and 4% losses respectively on Monday, following sharp cuts by top exporter Saudi Arabia to its official selling prices (OSP), prompting both supply and demand concerns. But Saudi Arabia on Tuesday emphasised its keenness to support efforts aimed at stabilising oil markets. Commerzbank analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions."
