Sharjah24 – Reuters: Oil prices rose on Tuesday, recouping earlier losses, as falling temperatures in China, the world's biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages.
Brent crude rose 24 cents, or 0.3%, to $84.57 a barrel by 0541 GMT after falling 0.6% on Monday. The contract is still up nearly 7% this month.
U.S. West Texas Intermediate futures gained 35 cents, or 0.4%, to $82.79 a barrel, having risen 0.2% in the previous session and nearly 10% this month.
Brent fell on Monday after China released growth figures that disappointed the market but with temperatures falling as the northern hemisphere winter approaches and heating demand increasing, prices of oil, coal and natural gas are likely to remain elevated, traders and analysts said.
Colder weather has already started to grip China, with the temperature forecast to fall to near freezing in northern areas, according to AccuWeather.com.
"Tightness in energy markets meant supply side issues remain prevalent and commodities prices remain supported," said an energy derivatives trader based in Singapore.
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