Oil prices edge up, US plan to refill reserve offers support
Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in the Middle East.
Brent crude futures climbed 44 cents, or 0.6%, to $71.86 a barrel by 0025 GMT, while U.S. West Texas Intermediate crude was at $67.83 a barrel, up 45 cents, or 0.7%.
Both contracts tumbled 6% on Monday, hitting their lowest since Oct. 1, after Israel's retaliatory strike on Iran at the weekend bypassed Tehran's oil infrastructure.
The U.S. on Monday said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds.
«While outlook for the Middle East situation remains alarming, the market is expecting a temporary lull in retaliatory strikes between Israel and Iran,» said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
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