©Reuters
Investing.com — Oil prices rose in Asian trade on Tuesday, down from the previous session, as continued disruption to global shipping activity and concerns about tight supplies from conflict in the Middle East sparked a strong rebound in prices this week. Expanded the rise.
Still, concerns that persistent inflation and persistently high long-term interest rates will weigh on demand have limited significant price increases, with oil prices within the range of $75-$85 a barrel set over the past two months. It almost stayed at .
Prices expiring in April rose 0.2% to $82.70 a barrel and rose 0.2% to $77.72 a barrel by 8:10 p.m. ET. .
Analysts at Goldman Sachs said in a recent note that they generally expect oil prices to remain in a range of $70 to $90 a barrel in the near term.
Fresh Red Sea strike raises concerns about transport disruptions
US-led forces carried out new attacks in the Red Sea as Yemen's Iran-backed Houthis continued to attack ships in the region in solidarity with the Palestinians over the Israel-Hamas war.
There was little sign of the war escalating after the United States rejected a UN ceasefire resolution in early February and Israel rejected Hamas' proposal.
Concerns about supply disruptions, especially in the Middle East, have weighed on oil prices in recent months, especially as the outcome of the Israel-Hamas war remains uncertain.
Econ.Tap to flood data
Markets were awaiting important economic data from several major countries this week.
Most important was the US data, which is the Federal Reserve's preferred measure of inflation and is primarily expected to be factored into interest rate forecasts.
The release of the second set of US economic indicators for the fourth quarter is also expected to provide further clues about the world's largest economy.
Data from China will also be released this week and is expected to be factored into the economic outlook for the world's largest oil importer.
Recent increases in economic stimulus and signs of improving consumer spending have inspired some confidence in China's recovery.
