Crude futures extend their recovery from last week’s lows to three sessions as the market navigates different scenarios for the effects of U.S. trade tariffs and geopolitical premium picks up with Israel and Hamas in dispute over their cease-fire and hostage-release agreement.
Wednesday’s U.S. inventories report could prove bearish with a third straight weekly build in crude-oil stocks expected. Analysts in a Wall Street Journal survey predict a crude-stock increase of 2.4 million barrels, with gasoline inventories up and distillate stocks down.
WTI settles up 1.4%, at $73.32 a barrel, and Brent rises 1.5%, to $77.00 a barrel.
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