Oil markets diverge, with US crude rising while Brent takes a knock
Singapore — Oil markets were split on Tuesday, as US crude was pushed up by reduced flows from Canada while international Brent prices eased. US West Texas Intermediate (WTI) crude futures were at $62.16 a barrel at 1.53am GMT, up 48c or 0.8% from their last settlement. Traders said the higher WTI prices were a result of reduced flows from Canada’s Keystone pipeline, which has been operating below capacity since late last year due to a leak, cutting Canadian supplies into the US. Brent crude, however, eased as a result of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies. Brent crude futures were at $65.23 a barrel, down 44c or 0.7% from their last close. Despite this, oil markets remain well supported due to the supply restraint by the Petroleum Exporting Countries (Opec), introduced last year to draw down excess global inventories. Opec secretary-general Mohammad Barkindo said on Monday ...
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