Oil prices mixed in Asia as global glut overshadow impact of tensions in Middle East

Oil prices were mixed in Asia on Tuesday as a global glut and soft demand overshadowed the impact of geopolitical tensions in the crude-rich Middle East, analysts said.

US benchmark West Texas Intermediate (WTI) for June delivery gained ten cents to $59.53 while Brent crude for July eased eight cents to $66.19 in afternoon trade.

Yemen is not a major oil-producing country, but its coast forms one side of the Bab el-Mandeb Strait, the key strategic entry point into the Red Sea through which some 4.7 million barrels of oil pass each day on ships headed to or from the Suez Canal.

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Posted in: Indian Market Tips