A rise in Chinese equities helped oil prices rise slightly as traders balanced hints of lower supply against high Middle East tensions and an uncertain demand outlook.

Tuesday’s 1.5% drop in Brent led to a rise toward $83 per barrel, while West Texas Intermediate closed above $77. Russia, an OPEC+ producer, fulfilled its January export reduction objective and complied with a prior commitment to the group, according to official figures. Travel during the Lunar New Year holidays surged, but visitors were thrifty with their spending, according to Chinese statistics.

This year, crude has stayed within a $10/barrel trading range due to a decrease in volatility brought on by the push and pull of bullish and negative elements. In the Middle East, tensions have increased due to attacks on ships in the Red Sea and the Israel-Hamas conflict, which has also increased prices due to geopolitical risk.

A measure of the region’s shares moved slightly higher as a result of officials’ actions to increase investor confidence, outpacing decreases in other Asian equities markets.

“Prices remain in a tight consolidation range, reflecting some near-term indecision,” stated Yeap Jun Rong, a market strategist at IG Asia Pte in Singapore. He continued, saying that investors are “wondering what’s next in terms of the broader supply-demand dynamics.”

Nonetheless, since December, the Brent prompt timespread has increased in reverse, indicating a tightening supply.

On Wednesday, the spread was 81 cents per barrel, up from 29 cents at the beginning of the month.