WASHINGTON (dpa-AFX) - Oil futures settled modestly higher on Tuesday, snapping a four-session losing streak, as investors closely followed the developments on the geopolitical front and awaited weekly oil reports.
The shutdown of Libya's 270,000 barrel per day Sharara oil field offered some support to oil prices, while worries about economic slowdown and outlook for demand from China weighed on oil prices.
Output from Libya's Sharara field stopped completely, as dueling administrations battle for control over the North African nation.
West Texas Intermediate Crude oil futures for September ended up $0.26 or about 0.36% at $73.20 a barrel, coming off a 6-month low.
Brent crude futures were up $0.14 or 0.18% at $76.44 a barrel a little while ago.
Israel and the U.S. are said to be 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.
Traders await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API data is due later today, while the EIA report is due Wednesday morning.
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