Oil rises as Middle East uncertainty persists

Oil prices rose in early Asian trade on Wednesday as uncertainty over the conflict in the Middle East persisted, after falling about $5 this week to their lowest since early October on demand concerns.

Brent crude futures were up 24 cents, or 0.3 percent, at $74.49 a barrel by 0054 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $70.85 a barrel, Reuters reported.

Oil prices fell more than 4 percent to their lowest in nearly two weeks on Tuesday on a weak demand outlook and after a newspaper report that Israel would not strike Iranian nuclear and oil sites, easing concerns about supply disruptions.