New York, US (BBN) – Crude oil prices rose slightly in Asia as more prices of the supply puzzle lie ahead on Tuesday with a look by a US industry group at storage levels.
On the New York Mercantile Exchange crude futures for April delivery rose 0.07 per cent to $54.07 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted at $56.45 a barrel, reports
Later on Tuesday in the US, the American Petroleum Institute will report crude and refined product inventory data at the end of last week.
The estimates are followed on Wednesday by official data from the US Energy Information Administration expected to show a 2.85 million barrels build in crude stocks, a 2.008 million drop in gasoline supplies and a 916,000 barrels decline in distillate inventories.
Overnight, crude futures settled higher on Monday, despite concerns that faster growth in US oil production may cap further upside momentum in oil prices with Genscape reporting a build of more than 800,000 barrels of crude at the Cushing storage hub in Oklahoma.
Still, market participants are hopeful that OPEC may cut production even further, after the United Arab Emirates and Iraq, the two biggest laggards, have pledged to catch up with their targets.
In November last year, The OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years.