Brent crude steadied around $108 a barrel on Tuesday, supported by expectations of decline in US oil stockpiles and violence in Ukraine and Gaza.
Reuters reported that Brent crude increased 15 cents at $107.83 a barrel, while US oil for August delivery traded 51 cents higher at $105.10 a barrel.
Go deeper with GlobalData
The news agency noted that European foreign ministers will meet in Brussels on Tuesday, with Britain, Germany and France prepared to increase sanctions against Russia.
Several reports suggested that Ukrainian forces were moving into the eastern city of Donetsk, which is expected to intensify the conflict.
Meanwhile, state-run National Oil Corp in Libya has reached an agreement with security guards who are protesting at the eastern Brega oil port.
See Also:
The move will allow the terminal to reopen and further increase oil production in Libya, which reached 555,000bpd last week.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataA preliminary Reuters survey of four analysts has found that US commercial crude oil inventories are likely to have dropped 2.8 million barrels in the week ending 18 July.
The survey was taken ahead of weekly inventory reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA), which are scheduled for release on Wednesday.
Domestic crude stocks declined by 7.5 million barrels the previous week due to a sharp increase in refinery activity.
.gif)
