Early Asian trade on Tuesday saw crude prices steady after Monday’s gain, as oil markets watched developments in the banking crisis, supply concerns, and signs of stronger demand.
Brent crude futures fell 22 cents to $77.86 a barrel at 9.48 A.M. Bangkok time. West Texas Intermediate U.S. crude lost 4 cents, or 0.1%, to $72.77.
Prices advanced the previous session after Turkey halted the shipment of crude oil from Kurdistan via a pipeline following an arbitration ruling that found Baghdad’s authorization was required to transfer the oil.
Financial markets calmed down on Monday when it was announced that First Citizens Bank will purchase the deposits and loans of the collapsed Silicon Valley Bank.
A research unit of China National Petroleum Corp predicted on Monday that China’s crude oil imports will increase by 6.2% year over year, to 540 million tonnes, in 2023. Indications of robust demand in China also boosted oil prices.
Preliminary results from a Reuters poll released on Monday indicated that U.S. crude oil stockpiles had increased by around 200,000 barrels in the previous week.
