Oil prices rose in Asian trade on Wednesday, recovering a measure of recent losses as Israeli strikes against the Hezbollah group, in retaliation for a weekend attack, saw traders price in a bigger risk premium into crude.
Prices rose from nearly two-month lows as industry data also showed U.S. inventories marking a fifth straight week of strong draws- indicating tight market conditions in the world’s biggest fuel consumer.
Still, oil’s recovery remained fragile amid persistent concerns over slowing demand in top oil importer China.
Caution before a Federal Reserve interest rate decision and a meeting of the Organization of Petroleum Exporting Countries also kept markets on edge.
Brent oil futures expiring in September rose 0.5% to $79.02 a barrel, while West Texas Intermediate crude futures rose 0.7% to $75.24 a barrel by 21:07 ET (01:07 GMT).
Source : Investing.com
