WASHINGTON (dpa-AFX) - Oil prices were mixed on Tuesday, giving up early gains due to macro recessionary fears.
Benchmark Brent crude futures were marginally lower at $76.27 a barrel in European trade, while WTI crude futures were up 0.2 percent at $73.06.
WTI futures fell more than 6 percent over the previous three sessions amid fears the U.S. economy could slip into a recession.
Earlier, oil prices advanced more than 1 percent in Asian trade on fears that a spreading Middle East conflict could hit supplies.
Israel and the U.S. are bracing for significant escalation after Iran and its regional allies vowed retaliation for the deaths of Hamas and Hezbollah leaders.
G7 Foreign Ministers have expressed deep concern at the heightened level of tension in the Middle East which threatens to ignite a broader conflict in the region.
Several countries have urged their citizens to leave Lebanon. The U.S. Embassy in Beirut has raised its Travel Advisory to Level 4, 'Do Not Travel,' due to rising tensions between Hizballah and Israel.
Traders were also reacting to news of the supply loss due to the halting of production from Libya's biggest field.
Output from Libya's Sharara field stopped completely, as dueling administrations battle for control over the North African nation.
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