Oil trims gains but Middle East risks keep stocks on back foot

TOKYO: Oil futures shed some of their massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.

Brent crude, the international benchmark, fell 1.2 per cent to US$68.18 per barrel in Asia on Tuesday. On Monday,US West Texas Intermediate futures were down 1.7 per cent to US$61.86 per barrel in Asia following a 14.7 per cent surge on Monday, the biggest one-day gain since December 2008. Iran has rejected US charges that it was behind the attacks. Tension between the two countries were already running high over Iran's ambitions for nuclear weapons. The strikes in Saudi Arabia are likely to raise regional tensions even further.

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