Oil held above $56 a barrel as investors weighed the prospect of some OPEC members recovering from their unintentional production cutbacks at a time when U.S. inventories are seen climbing.
Futures in New York were little changed after climbing 1.4 percent on Monday. The biggest oil field in Libya will be fully restored in the coming days after an unplanned shutdown in December. Venezuela is set to receive a key product from Russia to thin out its crude and keep exports flowing. Meanwhile, U.S. government data due Wednesday is forecast to show the nation’s crude stockpiles rose for the sixth time in seven weeks.
WTI for April delivery trades at $56.42 on Nymex, -17c, at 9:25am in Tokyo. Contract +79c to $56.59 on Monday.
May Brent +60c to $65.67 on ICE Futures Europe exchange on Monday.Brent ended session at $8.80 premium to WTI for the same month.
Source : Bloomberg