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Oil prices edged up on Tuesday, to mov closer to the three-week highs on tensions in the Middle East continue and recovering demand from China, Reuters reported on Tuesday.
Brent futures inched up 3 cents to $83.59 a barrel by 0757 GMT.
U.S. West Texas Intermediate (WTI) crude for April delivery increased by 2 cents to $78.48 a barrel. The March WTI contract rose 24 cents to reach $79.43 a barrel as traders prepared for that contract to expire during the day. There was no settlement for WTI on Monday due to a U.S. public holiday.
Crude markets were “marginally lower” in “quiet trading over the Presidents’ Day holiday in the U.S. and as demand concerns offset ongoing Middle Eastern geopolitical tensions,” IG market analyst Tony Sycamore said in a note.
