Early Tuesday Asian trade saw little changes in oil prices as investors weighed the potential for higher interest rates globally, limiting economic development, against the expectation of strong holiday tourism in China, which might boost fuel demand.
Brent crude was traded at $82.72 per barrel at 11:07 Bangkok time, while U.S. West Texas Intermediate crude rose 3 cents to $78.79 per barrel.
Bookings in China for trips abroad during the upcoming May Day holiday suggest an ongoing uptick in travel to Asian countries, driving oil futures to increase by more than 1% on Monday on the expectation that holiday travel would boost fuel demand.
In addition, CMC Markets analyst Leon Li noted that advances in oil prices were backed by a decline in the dollar index due to anticipation of a slowdown in U.S. gross domestic product growth in the first quarter.
Still, investors continue to be wary of the possibility that central banks in the U.S., the U.K., and the European Union will raise interest rates to combat inflation, a move that could slow economic development and reduce energy demand.
All eyes will be on the central banks in the first week of May, when the Federal Reserve, the Bank of England, and the European Central Bank will have their respective meetings.
