An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023.
Oil prices rose in early Asia trade on Tuesday, recovering some of the previous day's losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions.
Brent crude futures climbed 70 cents, or 0.8%, to $90.53 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures increased 71 cents, or 0.8%, to $86.20 a barrel.
But Israel continued its bombardment of Gaza on Monday after launching air strikes over southern Lebanon overnight.
U.S. crude stockpiles were expected to have risen last week, while distillate and gasoline inventories fell, a preliminary Reuters poll showed on Monday.
Persons:
Yuki Takashima, Israel, Takashima
Organizations:
Brent, U.S, West Texas, Nomura Securities, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy
Locations:
New Mexico, U.S, Asia, Israel, Gaza, Lebanon, Palestinian, OPEC, China