Oil Updates – prices hover near 3-week high on Middle East tensions, China demand

BEIJING/SINGAPORE: Oil prices were broadly steady on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand, according to Reuters.

Brent futures ticked down 11 cents to $83.45 a barrel by 7:13 a.m. Saudi time. US West Texas Intermediate crude for April delivery inched down 11 cents to $78.35 a barrel.

The March WTI contract rose 36 cents to $79.55 a barrel as traders prepared for that contract to expire during the day. There was no settlement for WTI on Monday due to a US public holiday.

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