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Business

REUTERS
February 14, 2018

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Oil firm

Singapore : Oil prices rose on Tuesday, lifted by a rebound in global stock markets that followed sharp falls last week.

U.S. West Texas Intermediate (WTI) crude futures were at $59.65 a barrel at 0724 GMT. That was up 36 cents, or 0.6 percent, from their last settlement. Brent crude futures were at $62.99 per barrel, up 40 cents, or 0.6 percent, from the previous close.

"Oil markets attempted a half-hearted recovery overnight on little more than an equity market correlated bounce," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Stock markets were roiled last week by some of the sharpest falls on record, shaking confidence across markets.

With markets seemingly returning to calmer waters, oil traders said attention was turning to inventory levels to gauge crude supply levels.

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