The broader price recovery came positive US data on crude oil build up and gasoline inventories
– Oil prices recovered in Asian trading on Wednesday on heightened Middle East tensions, but gains were capped by weak demand.
"The uptick in oil prices could possibly be driven by expectations of heightened supply risks due to rising Middle East tensions and a correction from the multi-month low of oil prices. The bearish demand sentiments still remain, and are expected to cap the upside on oil prices," said Vortexa's head of Asia oil analysis Serena Huang.
US crude oil, gasoline and distillate inventories rose last week, according to market sources citing American Petroleum Institute figures on Tuesday. The US Energy Information Administration is due to release weekly inventory data at 10:30 am on Wednesday. Iran's vow of retaliation against Israel and the US following the killing of two militant leaders has raised concerns that a wider war is brewing in the Middle East.
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