Oil Continues Rise As Supply Concerns Mount

Oil prices were mixed Tuesday morning, even as crude prices held to near four-year highs amid growing signs of shrinking global supply.

, the global benchmark, was down 0.61% to $84.46 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading flat at $74.29 a barrel.

WTI for Oct. 2, 2018.

WTI for Oct. 2, 2018.

Both crude benchmarks closed up nearly 3% Monday.

“Concerns about tight supply are driving oil prices significantly further up,” according to analysts at Commerzbank (DE:) .

“News that China is now also reducing its oil purchases from Iran presumably gave the final push. This is likely to see Iranian oil exports fall by 1.5 to 2 million barrels per day,” the analysts wrote in a daily

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