Oil prices were broadly steady on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand. Brent futures ticked down 11 cents to $83.45 a barrel by 0413 GMT. U.S. West Texas Intermediate (WTI) crude for April delivery inched down 11 cents to $78.35 a barrel. The March WTI contract rose 36 cents to $79.55 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.
