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Direct: Oil prices rose for a third consecutive session on Tuesday as investors watched the geopolitical tensions in the Middle East, ahead of US stock data.
US crude offset its losses during trading due to fears of slowing demand, lower US oil inventories forecasts for the sixth week as well as geopolitical and trade developments.
The first oil stocks of the US Petroleum Institute are to be announced later in the day, with the Energy Information Administration revealing official figures on Wednesday.
A US trade delegation is preparing to travel to Beijing on Monday to complete the trade talks for the first time since May.
Investors are also looking to fear an escalation of the Middle East conflict between Iran and the UK after the Iranian Revolutionary Guards seized a British-flagged oil tanker after the UK captured a ship Iranian earlier this month.
The International Energy Agency said it was closely following the developments in the Strait of Hormuz, while tensions between Iran and the United Kingdom persisted.
The agency also said that oil production exceeded demand in the first half of the year.
In terms of settlement, NYMEX crude futures for September delivery increased 1% to $ 56.77 per barrel after a drop of $ 55.74 per barrel during the session.
At 1850 GMT, the Brent benchmark for September shipments rose 1% to $ 63.89 per barrel, after reaching $ 62.66 per barrel earlier in the session.
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