WORLD oil futures have recovered on
Middle East tensions according to analysts, helping to offset Saudi
Arabia's pledge to satisfy global energy markets and "moderate" prices.
Brent North Sea crude for delivery in November jumped $1.65 to $US113.46 ($A111.84) a barrel in late London deals.
New York's main contract, light sweet crude for November, gained $1.99 to $91.32 a barrel.
"Crude oil prices rebounded on Tuesday, as renewed concerns about Middle East tensions provided some upside momentum to the oil market," said Sucden Financial Research analyst Myrto Sokou.
NATO head Anders Fogh Rasmussen on Tuesday warned against the dangers of the conflict in Syria escalating, saying alliance member Turkey had shown commendable restraint in response to shelling of its border area.
Syrian shells last week killed five people in a Turkish border village, sparking a series of retaliatory strikes.
Oil prices meanwhile held onto their gains on Tuesday despite bearish comments by Saudi Oil Minister Ali al-Naimi.
"We will provide the markets with what they need," Naimi told reporters on the sidelines of a ministerial meeting in Riyadh. "We will work to moderate prices."
Addressing fellow ministers, Naimi warned that rising oil prices would affect economic growth across the globe, mainly in developing economies.
"Oil prices rose in March to levels not seen since 2008, which may adversely affect the global economy, particularly the economies of developing nations and emerging countries, as well as negatively impact global oil demand," he said.
Crude futures had fallen on Monday as the International Monetary Fund and World Bank slashed their 2012 growth forecasts.
The IMF cut its forecast for Chinese economic growth this year to 7.8 per cent, while the World Bank said it expected the world's second-largest economy to grow at a slower-than-expected 7.7 per cent.
The brokerage Phillip Futures said in a note to clients that "China's economic growth and demand for petroleum have been key supports for oil prices since global energy demand was hit by recession after the financial crisis."
Brent North Sea crude for delivery in November jumped $1.65 to $US113.46 ($A111.84) a barrel in late London deals.
New York's main contract, light sweet crude for November, gained $1.99 to $91.32 a barrel.
"Crude oil prices rebounded on Tuesday, as renewed concerns about Middle East tensions provided some upside momentum to the oil market," said Sucden Financial Research analyst Myrto Sokou.
NATO head Anders Fogh Rasmussen on Tuesday warned against the dangers of the conflict in Syria escalating, saying alliance member Turkey had shown commendable restraint in response to shelling of its border area.
Syrian shells last week killed five people in a Turkish border village, sparking a series of retaliatory strikes.
"We will provide the markets with what they need," Naimi told reporters on the sidelines of a ministerial meeting in Riyadh. "We will work to moderate prices."
Addressing fellow ministers, Naimi warned that rising oil prices would affect economic growth across the globe, mainly in developing economies.
"Oil prices rose in March to levels not seen since 2008, which may adversely affect the global economy, particularly the economies of developing nations and emerging countries, as well as negatively impact global oil demand," he said.
Crude futures had fallen on Monday as the International Monetary Fund and World Bank slashed their 2012 growth forecasts.
The IMF cut its forecast for Chinese economic growth this year to 7.8 per cent, while the World Bank said it expected the world's second-largest economy to grow at a slower-than-expected 7.7 per cent.
The brokerage Phillip Futures said in a note to clients that "China's economic growth and demand for petroleum have been key supports for oil prices since global energy demand was hit by recession after the financial crisis."
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