West TX Oil at $59 on Middle East tensions

U.S crude futures rose on Tuesday on renewed tensions in the Middle East, but a firm dollar capped gains.  Front month U.S. crude was up 8 cents at $59.51 a barrel at 0018 GMT, after finishing down 26 cents in the previous session.  Brent crude climbed 2 cents to $66.29 a barrel, after settling 54 cents lower the day before.

Iran is ready to help Iraqi forces confront Islamic State militants who seized the Iraqi city of Ramadi at the weekend, Ali Akbar Velayati, an adviser to Iran’s supreme leader, told Reuters Television on Monday.

Saudi Arabia-led forces resumed military action against Iranian-allied Houthis in Yemen on Monday following the end of a five-day ceasefire.  Global crude oil prices are not expected to fall in the second half of 2015, Kuwait’s OPEC governor said on Monday, and any surplus supply was due to shale producers rather than OPEC.