Oil held a gain above $72 a barrel as banks and trading houses became bullish on prices after OPEC and allies rebuffed President Donald Trump's call to boost production.
Futures in New York were little changed after a 1.8 percent advance Monday. Mercuria Energy Group Ltd. and Trafigura Group expect the return of the high prices last seen in 2014 on a potential loss of Iranian supply. Meanwhile, Bank of America Corp. joined JPMorgan Chase & Co. in anticipating an increase in crude prices. Adding to positive sentiment are forecasts for a decline in U.S. stockpiles as well as those at a key storage hub in Cushing, Oklahoma.
West Texas Intermediate for November delivery traded at $72.24 a barrel on the New York Mercantile Exchange, up 16 cents, at 8:18 a.m. in Tokyo. The contract climbed $1.30 to $72.08 on Monday. Total volume traded was about 70 percent below the 100-day average.