Beijing (Reuters) – Crude oil prices edged up in early Asian trading, with market movements remaining limited as investors awaited monthly demand reports from major oil agencies.
Brent crude futures for May delivery rose by 23 cents to $82.44 a barrel by 02:21 GMT. Meanwhile, the U.S. crude contract for April gained 17 cents to close at $78.10 a barrel.
Analysts from (A.N.Z.) noted that “crude oil is trading in a narrow range as market participants await the demand estimates from the monthly reports of three major oil agencies.”
They added, “While we believe estimates won’t change significantly, any positive surprise in demand could push oil prices higher, thus alleviating concerns about demand,” referring to data from the Organization of the Petroleum Exporting Countries (OPEC), the International Energy Agency, and the Energy Information Administration.
Prices remained mostly unchanged on Monday as concerns over oil supply disruptions associated with ongoing conflicts in the Middle East subsided.
Israel is investigating whether it killed the deputy military commander of Hamas in an airstrike in Gaza, as hopes for a ceasefire during the holy month of Ramadan fade. However, the war has not led to significant disruptions in supplies.
This rise in oil prices comes amidst regional tensions and anticipation of monthly demand reports, indicating multiple influences exerting pressure on global energy markets at present.
