Brent oil Futures for April delivery rose 0.2 percent to $82.75 a barrel while WTI oil April futures prices ticked up 21 cents to $77.79 a barrel on Tuesday morning during asian hours at the time of reporting. Both the crude Futures clocked gains yesterday. Brent premium over WTI narrowed down to $4.95 a barrel during yesterday’s session.
Crude benchmark futures index curves moving up followed tilted down last week on delayed cutting interest rates may trim demand outlook. Crude markets added gains to previous session gains on escalation of political tensions in red sea water followed by houthis attack on shipping. Delayed shipping, concerns about supply disruptions supported rebound in oil prices. The prevailed fundamentals in the markets outweighed existing demand fears in the market. All eyes are on API numbers due today. Consensus is on build in U.S crude stocks. Product demand from China is rendering support to crude markets.
