Oil Maintains Gains in Asia as Investors Await API Data
By Biman Mukherji
--Oil futures rose slightly in Asian trading Tuesday, adding to the jump seen during U.S. action Monday as risk appetite returned to start the week across asset classes.
--April light, sweet crude on the New York Mercantile Exchange was recently up 0.2% at $62.67 a barrel in the Globex trading session. May Brent added 0.2% to $65.64.
--With U.S. inventories down to their 5-year average for this time of year, versus being 37% last early March, BMI Research expects oil prices will receive additional support heading into 2Q from an uptick in seasonal demand. The American Petroleum Institute's weekly report comes after Tuesday's settlement, followed by Wednesday's government reading. Analysts expect an inventory increase for last week.
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(END) Dow Jones Newswires
March 05, 2018 23:56 ET (04:56 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.