Energy Preview: WTI crude oil futures stay elevated on extended Middle East woes

Crude oil prices stayed upbeat on Tuesday morning in Asia amid lack of clarity surrounding developments in Middle East. As per reports, the United States (US) and Iran ruled out an extension of the Memorandum of Understanding (MoU) that they signed in June to end the conflict. Bloomberg reported on Monday that US President Donald Trump said that he is not interested in renewing the expiring agreement with Tehran. Markets now brace for the release of the American Petroleum Institute (API) weekly crude oil report. Currently, WTI crude oil futures are quoting at $84.33 per barrel, up 0.70% on the day. Meanwhile, Brent is trading above $91 per barrel.

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