WASHINGTON (dpa-AFX) - Oil prices steadied on Tuesday, after having slumped 6 percent to their lowest since Oct. 1 the previous day on signs the war in the Middle East would not widen.
Benchmark Brent crude futures climbed 0.6 percent to $71.45 in European trade while WTI crude futures were up 0.6 percent at $67.80.
The tense situation in the Middle East offered some support, with Hezbollah naming a new leader and an Israeli strike on a five-story building where displaced Palestinians were sheltering in northern Gaza killing at least 34 people early Tuesday.
Also, Israel's parliament passed two laws that could seriously impede the work of the United Nations' aid agency in Gaza.
Traders were also reacting to a U.S. plan to buy oil for the Strategic Petroleum Reserve.
The U.S. on Monday said it is seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year.
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