Oil prices rose modestly on Monday as investors shifted their attention from easing geopolitical tensions in the Middle East to global supply increases and demand prospects, EDnews reports.
According to Reuters, Brent crude futures gained 28 cents, or 0.39%, to trade at $72.29 per barrel, while US West Texas Intermediate (WTI) crude rose 29 cents, or 0.26%, to $68.84 per barrel as of 00:46 GMT.
Market sentiment has been supported by reduced geopolitical risks following recent tensions in the Middle East. However, gains remained limited as traders weighed the impact of higher oil production and the outlook for global energy demand.
Investors are also closely monitoring supply decisions by major oil-producing countries and economic indicators that could influence fuel consumption in the coming months.
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