Commodity Capsule: Oil prices were largely rangebound on Tuesday, US benchmark and Brent crude extended marginal gains from the previous session.

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Attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

Brent crude futures rose past $78 a barrel. U.S. West Texas Intermediate crude futures hovered under $73/bbl.c

Both benchmarks rose close to 2 per cent on Monday on concerns about shippers diverting vessels away from the Red Sea.

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