WTI ($USOIL): Intraday Analysis & Setup update

Oil prices gained on Tuesday following a more than 1% drop the previous session as escalating geopolitical tensions in major producing region the Middle East fuelled supply concerns.

Brent crude futures BRN1! rose 7 cents, or 0.07%, to $82.46 a barrel by 0734 GMT. U.S. West Texas Intermediate crude CL1! was up 15 cents, or 0.31%, at $76.93 a barrel. Both the contracts fell over $1 on Monday as a deepening real estate crisis fuelled worries about demand from China, the world’s biggest crude consumer, after a Hong Kong court ordered the liquidation of property giant China Evergrande Group.

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