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SINGAPORE: Oil rose in Asian trade Tuesday but gains are being capped by concerns over a glut in global crude supples and weak energy demand, analysts said.
New York’s main contract, light sweet crude for delivery in September, climbed 25 cents to 70.85 dollars a barrel. London’s Brent North Sea crude for delivery in September was up 15 cents to 73.65 dollars.
Oil prices rose to historic highs of more than 147 dollars a barrel in July last year. They plummeted to near 30 dollars in December after a financial and economic crisis in the United States escalated to affect other economies around the world and hit oil demand.