Oil Prices Showed Signs of Stabilization

Oil prices showed signs of stabilization on Tuesday after two consecutive sessions of decline, as concerns about supply disruptions in the Middle East began to ease. Brent crude rose by 19 cents, or 0.24 percent, to $77.85. Contract for West Texas Intermediate (WTI) crude increased by 19 cents, or 0.26 percent, to $73.85. On Monday, oil prices fell by more than $2 a barrel. Oil prices were affected by economic issues in China, as data from last week revealed that new home prices fell at their fastest rate in nine years. Additionally, Chinese refineries sharply reduced their crude processing rates last month due to weak fuel demand. Source: Qatar News Agency