From Dow Jones & Company:

Oil futures rose on Tuesday, with WTI crude for February delivery increasing by 2% to $72.21 a barrel on the NYMEX, and March Brent crude up by 2% at $77.67 a barrel on ICE Futures Europe. This follows a more than 4% plunge for WTI and over 3% drop for Brent on Monday, which was prompted by Saudi Arabia slashing its official selling price, leading to concerns about demand. Shipping disruptions in the Red Sea and fears of Middle Eastern supply interruptions due to the Israel-Hamas conflict may support crude prices, despite record U.S. crude output above 13 million barrels a day. There are concerns that a price war could keep oil prices low for some time.



Read more: Oil prices bounce as traders weigh Middle East disruptions, supply outlook