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Oil gains on expectations for higher demand and as Middle East...

Oil prices rose on Tuesday, supported by signs of improving demand in China and the U.S. and concerns about a widening conflict in the Middle East that could impact supply. Manufacturing activity in China and the U.S. expanded, indicating rising oil demand. In the Middle East, an Israeli strike on Iran's embassy in Syria escalated the war in Gaza between Israel and Hamas, raising concerns about oil supply. OPEC and its allies will hold an online meeting to review output cuts, and OPEC's output fell last month, showing the cuts are having an effect. Geopolitical risks and production cuts could push oil prices towards $90 per barrel.

Original article source: https://www.dailymail.co.uk/wires/reuters/article-13262197/Oil-gains-expectations-higher-demand-Middle-East-concerns-rise.html
Source Id: 8058648518

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