Doha: Oil prices edged up slightly on Tuesday amid rising supply levels and ongoing caution over whether the pause in the trade war between the United States and China will lead to a long-term agreement. Brent crude futures rose by 65 cents, or 1 percent, to 65.61 USD per barrel, while US West Texas Intermediate (WTI) crude gained 72 cents, or about 1.2 percent, to reach 62.67 USD.
According to Qatar News Agency, both benchmark crudes surged by around 4 percent or more in the previous session after the U.S. and China agreed to significant tariff reductions for at least 90 days. This development not only impacted oil prices but also buoyed Wall Street stocks and strengthened the US dollar.
Despite a 22 percent drop in global crude prices since peaking on January 15, refined product prices and refining margins have remained stable. This stability in the refining sector suggests that the market is cautiously optimistic about the potential for a longer-term resolution to trade tensions between the two economic powerhouses.