Singapore — Crude oil futures rose for a fourth consecutive session on Tuesday as investors covered short positions, although concern over a festering supply glut kept a lid on prices. US West Texas Intermediate (WTI) crude futures were up 12c, or 0.3%, at $43.50 a barrel by 3.23am GMT. Brent crude futures gained 14c, or 0.3%, to $45.97 a barrel. The market is up slightly so far this week after dropping for the past five weeks. "The market has fallen a lot as the news has been bad pretty consistently for the oil market," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "It has moved a long way in response to that news. Maybe we are getting to a point that there is upside risk to any good news?" Oil cartel Opec and its partners have been trying to reduce a global crude glut with production cuts. Opec states and 11 other exporters agreed in May to extend cuts of 1.8-million barrels a day until March. However, Nigeria and Libya, Opec members exempt from the cuts, have r...
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