Oil futures rose early Tuesday as traders awaited weekly US data on crude supplies, while speculation that Libyan exports are returning to the markets kept gains in check.
The energy market didn`t see any major moves in Asia, only some modest gains after yesterday`s slide. Meanwhile, the market braces, as usual, for the Energy Information Administration’s weekly release tomorrow, where analysts are expecting a drop in gasoline stockpiles in the week ended April 4. The American Petroleum Institute will also publish its own supply data today.
As of 02:23 a.m. ET:
- WTI crude for May delivery rose 0.62% to $101.07 a barrel. The contract lost 70 cents yesterday.
- Brent crude rose 0.32% to $106.14 a barrel in London. The contract lost 53 cents yesterday.
- Natural Gas was nearly flat at $4.49 per million British thermal units on the New York Mercantile Exchange.