Oil Rebounds Toward 3-Month High
WTI crude oil futures rose above $74 per barrel on Tuesday, recovering from earlier losses and nearing three-month highs, as concerns over tighter Russian and Iranian oil supply due to escalating Western sanctions supported prices.
Worries over supply tightness boosted demand for Middle Eastern oil, as seen in Saudi Arabia's decision to raise oil prices for Asia in February, marking the first price increase in three months. In China, a move by Shandong Port Group to ban US-sanctioned oil vessels from its ports could limit access to key terminals.
Additionally, colder weather in the US and Europe has increased heating oil demand, further supporting prices. However, the gains were limited by global economic data, including an expected rise in Eurozone inflation in December.
Source: Trading Economics
