Oil prices settled higher on Tuesday, bouncing off multi-month lows hit in the previous session, as investor attention turned to supply tightness and financial markets recovered from their recent slump. Recent declines in crude oil and fuel inventories at major trading hubs are also supporting oil prices. “Oil fundamentals are still suggesting an undersupplied oil market, with oil inventories still falling,” UBS analyst Giovanni Staunovo said. Global oil inventories decreased by around 400,000 bpd in the first half this year, according to US Energy Information Administration (EIA) estimates published on Tuesday. Still, Goldman Sachs said its economists see recession risk as limited and believe oil prices will find support in coming weeks from strong demand in the West and India.

Source: Libya Today August 07, 2024 00:55 UTC