Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities,...
SINGAPORE - Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support.
“Copper and aluminum traded very strongly in London and given the weakness we saw in manufacturing data last week, that suggests that there’s some correction going on in industrial commodities generally,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. Protests in Iraq and Ecuador over poor economic conditions are threatening to disrupt output from the members of the Organization of the Petroleum Exporting Countries .
Ecuador, one of the smallest OPEC members, is pulling out of the bloc next year because of fiscal problems.
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