Singapore August 27 2024: Oil prices paused their recent advances, receding in Asian trading on Tuesday after surging more than 7% in the previous three sessions on supply concerns prompted by fears of a wider Middle East conflict and the shutdown of Libyan oil fields.
Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel at 0154 GMT, while U.S. West Texas Intermediate crude futures fell 36 cents, or 0.46%, to $77.06 a barrel.
Oil markets are retracing slightly after sharp gains in the previous three sessions driven by expectations of U.S. interest rate cuts that could boost fuel demand, military assaults between Israel and Hezbollah in Lebanon over the weekend that threaten a wider Middle East conflict potentially disrupting supply from the key producing region and the Libyan closures.
Over that period, WTI gained 7.6% and Brent gained 7%.
