Oil prices gain as focus shifts to supply recovery and demand

Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to ​supply increases and demand prospects. Brent crude futures gained 28 cents, or 0.39%, ‌to $72.29, and U.S. West Texas Intermediate crude rose to $68.84 a barrel, up 29 cents, or 0.26% as of 0046 GMT, after settling down to around pre-Iran war levels on Monday. “The steps towards recovery ​in supply have eased the immediate risk premium, but the market remains ​wary of putting too much faith in the stability of the current ⁠truce given the on again-off again nature of US-Iran relations,” said Tim Waterer, ​chief market analyst at KCM Trade.