WASHINGTON (dpa-AFX) - Oil prices rebounded from early losses and settled notably higher on Wednesday as concerns about supply disruptions due to the tensions in the Middle East outweighed weak outlook for demand.
Due to continued attacks on commercial vehicles in the Red Sea route, tankers have been diverting to longer routes. Houthi rebels have reportedly said ships in the Red Sea and Arabian Sea are their latest maritime targets.
With no immediate possibility of a ceasefire between Israel and Hamas, it is uncertain when the vessels will start using their normal routes again.
West Texas Intermediate Crude oil futures for April ended higher by $0.87 or about 1.1% at $77.91 a barrel.
Brent crude futures settled at $83.03 a barrel, gaining $0.69 or 0.84%.
Traders await weekly oil reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA). The API report will be out later today, while EIA will release its inventory data Thursday morning. The reports are delayed by a day as Monday was a holiday.
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