Oil futures traded mixed early Tuesday, with both benchmarks moving softly as traders weighed the unrest and low output in Libya ahead of weekly supply data from the United States.
Looks like another quiet session for the oil markets following yesterday’s choppy trade, with oil traders apparently holding their positions amid fresh renewed tension in Libya where clashes between rival militants have been reported after the storming of its parliament by forces loyal to a renegade general. On the other hand, the Ukraine crisis continues to uphold prices for the meantime.
Oil traders are apparently cautious, yet crude oil prices were fractionally higher, trading in a range-bound ahead of the weekly US oil inventory data, which is expected to show another buildup in supplies in the week ended May 20.
As of 03:02 a.m. ET:
- West Texas Intermediate for June delivery rose 0.11% to $102.72 a barrel on the New York Mercantile Exchange, after adding 48 cents to settle at $102.61 on Monday.
- Brent for June delivery rose 0.15% to $109.53 a barrel on the ICE exchange in London, after shedding 45 cents to settle at $109.37 on Monday.
- NYMEX Natural Gas (TO:HND) was little changed around $4.473 per million British thermal units, following a rebound yesterday from a six-week low hit last Thursday.