Brent oil rises to $82.08 per barrel

Oil prices rose slowly on Tuesday morning as traders weighed the outlook for global fuel demand and the risks of supply disruptions from the Middle East, reported from  Interfax.

April futures for Brent rose in price on the London ICE Futures exchange by $0.08 (0.1%), to $82.08 per barrel. On Monday, Brent fell 19 cents to $82 a barrel.

March futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $0.12 (0.16%) to $77.04 per barrel. During the previous session, the contract rose by 8 cents to $76.92 per barrel.

Expectations that the US Federal Reserve will keep key interest rates high for longer than previously forecast are weighing on demand forecasts and acting as a negative factor for oil prices, Sevens Report Research editor Tyler Ritchie told MarketWatch.

Fed data released on Monday indicated that US consumer inflation expectations for the next three years fell to 2.4%, which was a positive signal for the market, Ritchie added.

In addition, Iranian Foreign Minister Hossein Amir Abdollahian said over the weekend that "developments in the Gaza Strip are moving towards a diplomatic solution," giving investors new hope for an easing of tensions in the Middle East.





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