Oil price gains capped by demand concerns

News Snapshot:

Oil prices rose in Tuesday trade as tensions in the Middle East continued to spur concern, but gains were capped by bearish demand sentiment ahead of monthly reports from oil agencies. Brent futures for May delivery were up 48 cents, or 0.6 per cent, at $82.69 a barrel by 0936 GMT. The April U.S. crude contract rose 40 cents, or 0.5 per cent, to $78.33. Hopes of a ceasefire in Israel’s war against Hamas have faded, with negotiations deadlocked in Cairo while the conflict threatens to widen as Israel and Lebanon’s Hezbollah continue to exchange fire. Though the Gaza conflict...