Markets

Oil edges higher on mideast tension, likely crude stocks drawdown

Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the United States.

Still, crude prices have remained range bound in the past three weeks, as growing expectations of surging economic activity in the U.S. and China are balanced by the anticipation of additional supply of oil from Iran in the coming months.

Brent crude oil futures was up 9 cents, or 0.1%, at $63.37 a barrel while U.S. crude oil futures gained 11 cents, or 0.2%, to $59.81 a barrel.

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