LONDON—Oil steadied on Tuesday, finding support from geopolitical tensions in the Middle East and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth, and fuel demand.
While hopes of rate cuts and conflict in the Red Sea have led to a rebound in crude prices, Maersk’s announcement of a restart of shipping routes through the waterway has alleviated supply concerns to a certain extent, said CMC Market analyst Leon Li.
