Oil extends gains on fresh Mideast supply risks
XLE•U.S. inventory data due after API report
Meanwhile, data from the American Petroleum Institute showed that U.S. crude and distillate inventories rose last week, while gasoline stockpiles fell, market sources said. The inventory data comes ahead of official figures from the U.S. Energy Information Administration on Wednesday.
Oil prices extend gains on supply disruption fears
Oil prices extended gains on Wednesday as fears of further supply disruptions intensified after U.S. forces struck Iranian military targets for the 11th straight night, while oil tankers made U-turns in the Red Sea after warnings by Iran-backed Houthi militia.
Brent crude futures LCOc1 rose $1, or 1.1%, to $92.01 a barrel at 0330 GMT. U.S. West Texas Intermediate crude CLc1 climbed 82 cents, or 1.0%, to $85.16.
