Oil Futures Holds Gain as Red Sea Shipments Paused

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Oil futures remained higher in early afternoon trading Thursday in Asia after getting an early lift from Saudi Arabia pausing oil shipments through the Red Sea following attacks on two tankers by rebels in Yemen.

After lagging WTI in Wednesday`s session. September Brent Futures was recently up 0.6% at $74.35 a barrel. Light. sweet crude on the New York Mercantile Exchange rose 7 cents to $69.37 in the Globex trading session.

While getting a lift on fresh Middle East worries. CMC Markets` Michael McCarthy predicted Brent finding strong technical resistance in the $75 to $77 range. For WTI. he pegged $70 to $72 a barrel.