Global oil prices edged higher on Tuesday as traders shifted their focus away from Middle East tensions and toward the balance between global supply and future demand.
Brent crude futures gained 28 cents, or 0.39%, to reach $72.29 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 29 cents, or 0.26%, to $68.84 per barrel.
Despite the increase, gains remained limited as investors closely monitored global production levels and the outlook for energy demand in major economies.
Market attention has increasingly turned to supply conditions following recent production adjustments by major oil-producing countries. Traders are also assessing whether global economic growth will be strong enough to support higher fuel consumption in the coming months.
The modest rise in prices suggests that while immediate geopolitical concerns have eased, uncertainty surrounding future supply and demand continues to influence market sentiment.
Analysts say oil markets are currently balancing several factors, including production decisions by major exporters, economic data from leading economies, and expectations for global energy consumption during the second half of the year.
For now, crude prices remain supported by cautious optimism about demand, although concerns about increasing supply continue to prevent stronger upward momentum.
