Investing.com - Crude edged higher in Asia on Tuesday coming off light overnight activity and with investors attuned to data this week on the supply/demand balance.
Global benchmark Brent for April delivery on the ICE Futures Exchange in London was last quoted up 0.25% to $56.27 a barrel. crude oil for April delivery on the New York Mercantile Exchange inched rose 0.52% to $54.06 a barrel.
Overnight, oil prices edged higher in a familiar trading range during North American morning hours on Monday in electronic trading as U.S. markets were closed for President’s Day on Monday, as market players continued to weigh the prospect of production cuts by major crude-producing nations against a rise in U.S. drilling.
Fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday will be closely watched to gauge the strength of demand in the world’s largest oil consumer. The reports come out one day later than usual due to Monday's President's Day holiday. Meanwhile, traders will also continue to pay close attention to comments from global oil producers for further evidence that they are complying with their agreement to reduce output this year.