Brent crude futures were up 19 cents, or 0.3%, to $62.13 a barrel as US West Texas Intermediate crude was at $58.44 a barrel, up 19 cents, or 0.3%.
“Oil markets are currently struggling for direction as far as we can see, with a minor lift from falling US inventories as reported by API,” said Suvro Sarkar, Lead Energy Analyst at DBS Bank, referring to the American Petroleum Institute.
“Traders will be looking for cues from any breakthroughs or lack thereof in Ukraine peace talks, while the US Fed rate cut policy is another key macro driver that could provide some support for oil prices.”
Market sources, citing API figures, said on Tuesday that US crude inventories fell by 4.78 million barrels last week, while gasoline stocks rose by 7 million barrels and distillate inventories rose by 1.03 million barrels.
–Reuters–
