The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, on Oct. 17, 2024.
U.S. crude oil futures extended gains on Tuesday after rising nearly 2% in the previous session.
Oil prices have bounced back somewhat after selling off steeply last week.
Traders increasingly view a supply disruption in the Middle East due to Israel-Iran tensions as unlikely.
Weak demand in China has also weighed on prices recently.
Organizations:
Traders
Locations:
Carson, Los Angeles, Carson , California, Israel, Iran, China, Beijing