![\"rapid-news-rapidnews-Oil-prices-near-11-month-highs\"](\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-prices-near-11-month-highs.jpg\")
<\/p>\nOil prices ticked up on Tuesday alongside rising European shares and amid reports of a blast in Saudi Arabia, trading near 11-month highs.<\/p>\n
Brent crude was up $0.43, or 0.8%, at $56.31 by 1117 GMT, while US crude rose $0.43, or 0.8%, to $53.20. Both contracts rose nearly 1% on Monday and are set to post the third monthly rise in a row.<\/p>\n
<\/p>\n
Prices moved up slightly after reports of a blast in the Saudi Arabian capital Riyadh, although the cause remains unclear.<\/p>\n
In Europe, gains in financial services and chemical sectors helped stocks rise on Tuesday. Risk assets such as equities and oil often move in tandem.<\/p>\n
On the supply side, the Organisation of the Petroleum Exporting Countries and its allies\u2019 compliance with pledged oil output curbs is averaging 85% in January, tanker tracker Petro-Logistics said on Monday. The findings suggest the group has improved compliance with supply curb commitments.<\/p>\n
Also, output from the giant Tengiz field in Kazakhstan was disrupted by a power cut on January 17.<\/p>\n
\u201cIt appears that market players are cautiously sanguine about the producer group\u2019s market management strategy and therefore about the imminent depletion in global oil inventories,\u201d PVM analysts said.<\/p>\n
Dampening bullish sentiment, US Democrats are still trying to convince Republican lawmakers of the need for more stimulus, raising questions over when and in what form a package will be approved.<\/p>\n
Even as the pace of new infections falls in the United States, European nations have set tough restrictions to combat the spread of the coronavirus while vaccines are rolled out.<\/p>\n
China is reporting rising Covid-19 cases, casting a pall over demand prospects in the world\u2019s largest energy consumer.<\/p>\n
Still, there are areas where demand for oil remains strong.<\/p>\n
In India, crude oil imports in December rose to their highest in more than two years as the easing of coronavirus restrictions boosted economic activity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices ticked up on Tuesday alongside rising European shares and amid reports of a<\/p>\n","protected":false},"author":1,"featured_media":2746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-2744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n