By Gina Lee

Investing.com – Oil was up Tuesday morning in Asia, from the week so far ahead of U.S. crude oil supply data.

They were at $74.46 as of 11:40PM ET (3:30 AM GMT), after falling by almost 2% on Monday. After sliding 2.3% in the previous session, the e-mail expiration date rose by 0.98% and reached $70.83.

According to ANZ, global utilities have switched to oil because of rising prices for gas and coal and lingering outages in the Gulf of Mexico following Hurricane Ada. This suggests that less fuel is available.

Royal Dutch Shell Plc (LON:) Plc is the largest oil producer in America’s Gulf of Mexico sector. It stated that two of its biggest fields will be shut down until 2022 due to damage caused by Hurricane Ida late in August 2021.

Bloomberg Intelligence estimates that the interruption in production could affect 300,000. barrels daily of oil output, which is about one in six barrels produced in the area.

Although markets are looking for alternative sources of oil, a global energy shortage, especially for, may increase the demand for crude.

Later in the day.

In Asia Pacific, the economic recovery in China, the world’s top oil importer, is also on investors’ radars. The will also hand down its latest policy decision on Wednesday and is widely expected to begin asset tapering.

In a note, ANZ Research analysts stated that while slowing Chinese economic growth was affecting market sentiment, uncertainty surrounding the Fed’s tapering schedule influenced it. However other developments continue to point towards higher oil prices.