SINGAPORE (Reuters) – Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support.
Brent crude rose 38 cents, or 0.7%, to $58.73 a barrel by 0344 GMT, while U.S. West Texas Intermediate (WTI) crude was at $53.08, up 33 cents, or 0.6%.
“Copper and aluminum traded very strongly in London and given the weakness we saw in manufacturing data last week, that suggests that there’s some correction going on in industrial commodities generally,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.
“We’re at the lower end of the trading range, some of those moves have taken some traders by surprise. That means the risks have flipped to the upside at least in the short term.”
Investors are treading cautiously before U.S.-China trade discussions that will take place in Washington on Thursday, although expectations are low…
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