Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries.
Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts.
Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries, or OPEC, target of 9 million barrels per day (bpd).
At the same time, Ukrainian attacks on Russian oil refineries have continued.
Russia's Kuibyshev refinery had to shut half of its capacity after a fire broke out there on Saturday morning.
Persons:
Kuibyshev, Walt Chancellor, Benjamin Netanyahu, Israel's
Organizations:
ANZ, Petroleum, Macquarie, United Nations Security, Hamas
Locations:
Brent, Russia, Israel, Red, Gaza, Rafah, U.S