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Oil prices rise on concern over crude supply and Wall Street rally

UNITED STATES (OBSERVATORY) –¬†Oil rose on Tuesday on concern over possible supply hiatus and rising stock markets, overshadowing the impact of profit-taking sales following last week’s rally to a three-year high.

Global Brent crude <LCOc1> was up 16 cents to settle at $ 71.58 a barrel, while US crude futures rose 30 cents to $ 66.52.

Brent’s gains since the beginning of the month were 1.8 percent after jumping last week to $ 73.09, the highest level since late 2014.

Traders said oil markets were receiving significant risk of supply disruptions, such as the widening conflict in the Middle East, renewed US sanctions on Iran and reduced production due to the political and economic crisis in Venezuela.

The oil market is waiting for the latest data on US crude inventories to be released by the US Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday.