Oil prices settled higher on Tuesday as investors continued to monitor geopolitical tensions in the Middle East.
Analysts said while fears of escalating military actions in Syria eased for the moment, investors were still keeping a close eye on the issue.
In the meantime, oil traders were also awaiting possible reimposition of sanctions against Iran, which could lead to oil price rise as Iran is a major crude producer.
The West Texas Intermediate (WTI) for May delivery increased 0.30 U.S. dollar to settle at 66.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.16 dollar to close at 71.58 dollars a barrel on the London ICE Futures Exchange.
Analysts said while fears of escalating military actions in Syria eased for the moment, investors were still keeping a close eye on the issue.
In the meantime, oil traders were also awaiting possible reimposition of sanctions against Iran, which could lead to oil price rise as Iran is a major crude producer.
The West Texas Intermediate (WTI) for May delivery increased 0.30 U.S. dollar to settle at 66.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.16 dollar to close at 71.58 dollars a barrel on the London ICE Futures Exchange.
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