Sharjah24 – Reuters: Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural gas (LNG) and coal also lent support.
Brent crude futures gained 55 cents, or 0.7%, to $80.08 a barrel at 0510 GMT, after reaching its highest since October 2018 at $80.35 earlier in the session. It surged 1.8% on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 57 cents, or 0.8%, to $76.02 a barrel, hitting its highest since July 6. It jumped 2% the previous day.
"Investors remained bullish as supply disruptions in the United States from hurricanes are continuing for longer than expected at a time when demand is picking up due to easing lockdown measures and the wider rollouts of COVID-19 vaccination," said Chiyoki Chen, chief analyst at Sunward Trading.
Hurricanes Ida and Nicholas, which swept through the U.S. Gulf of Mexico in August and September, damaged platforms, pipelines and processing hubs, shutting most offshore production for weeks.
For an optimal experience, please
