Oil prices stabilize

23 Apr 2024 , 10:31 AM

Oil prices stabilized during early trading on Tuesday following a decline in the previous session, as investors continued to assess the geopolitical risks in the Middle East.

U.S. West Texas Intermediate (WTI) crude prices edged up by 4 cents to $81.94 a barrel, while the global benchmark Brent crude oil futures also rose by 4 cents to $87.39 a barrel.

Both benchmarks experienced a drop of 29 cents in the previous session, with indications suggesting that the recent tensions between Israel and Iran had minimal immediate impact on oil supplies from the region.

A preliminary Reuters survey of analysts indicates an expected growth in U.S. crude oil stocks last week, while stockpiles of refined products are likely to have decreased.

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