Crude oil edges higher on Mideast tension, likely crude stocks drawdown
SINGAPORE: Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the United States.
Still, crude prices have remained rangebound in the past three weeks, as growing expectations of surging economic activity in the U.S. and China are balanced by the slow rate of vaccinations in Europe and anticipation of additional supply of oil from Iran in the coming months.
Brent crude oil futures were up 9 cents, or 0.1%, at $63.37 a barrel by 0055 GMT while U.S. crude oil futures gained 11 cents, or 0.2%, to $59.81 a barrel.
