Oil rises marginally amid supply updates

08/02/2022 Argaam

 

Oil prices were slightly higher on Tuesday, a day after WTI crude closed 1.1% lower, as investors eyed supply updates.

 

The international benchmark Brent crude was trading up 0.15% at $92.83 per barrel (bbl), at 9.05 am Makkah time.

 

WTI crude rose 0.24% to 91.54/bbl.

 

The US gasoline market is likely to tighten further, after the country's second largest refinery platform closed on Friday due to freezing temperatures.

 

Oil prices have jumped this year amid growing demand and a series of supply shortages, leading many analysts to expect that Brent crude will reach $100/bbl soon.

 

Investors are also following Russian-Ukrainian tensions, as US President Joe Biden warned that the Nord Stream 2 natural gas pipeline between Moscow and Berlin could stop in the event of a Russian invasion of Ukraine, Bloomberg reported.

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