Brent crude held steady above $107 a barrel on Tuesday, with worries over escalating geopolitical tension balanced by expectations of large draws in US oil stockpiles.
Speculators mostly kept on the sidelines, with light volumes across most risk assets including oil, but the risks in oil prices seemed to point towards gains, with the possibility of new Western sanctions on Russia, the world's top crude producer.
Speculators mostly kept on the sidelines, with light volumes across most risk assets including oil, but the risks in oil prices seemed to point towards gains, with the possibility of new Western sanctions on Russia, the world's top crude producer.
Brent crude for September delivery was up 12 cents at $107.80 a barrel at 0334 GMT, while US oil for August delivery traded 25 cents higher at $104.84 a barrel. The US front-month contract expires on Tuesday.
The European benchmark has kept in a tight range since surging nearly 2 per cent last Thursday after news that a Malaysian Airlines jet had been shot down over eastern Ukraine.
The European benchmark has kept in a tight range since surging nearly 2 per cent last Thursday after news that a Malaysian Airlines jet had been shot down over eastern Ukraine.
The conflict in Gaza added to worries that tensions may spread across the Middle East, as Israeli jets, tanks and artillery continued to pound the territory and the death toll from a two-week conflict topped 500.
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