Commodities
Oil Pares Gain on Signs Market Can Absorb Middle East Disruption
- Report shows US stockpiles rose 3.89 million barrels last week
- Israel has vowed to retaliate after Iranian missile strike
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Oil pared gains as data showing swelling US crude stockpiles added to evidence that the market is well-supplied and able to absorb potential disruptions from the Middle East.
West Texas Intermediate edged higher to settle near $70 a barrel after earlier advancing above $72 a barrel. Crude climbed 2.4% on Tuesday following Iran’s missile attack on Israel, which was preceded by a warning from the US. Israel is now vowing to retaliate for that strike.