Oil prices rise in Asian trading amid expectation of major agency reports

(MENAFN) Oil prices experienced a moderate increase during early Asian trading, although movement remained restrained as the market anticipated the release of monthly reports from key oil agencies. Brent crude futures for May delivery saw a modest uptick of 23 cents, reaching $82.44 per barrel by 02:21 GMT, while the US crude contract for April rose by 17 cents, closing at $78.10 per barrel.

According to analysts at ANZ, the oil market is currently trading within a narrow range as traders await demand assessments from the monthly reports of three major oil agencies. These reports, expected from the Organization of the Petroleum Exporting Countries (OPEC), the International Energy Agency, and the Energy Information Administration, are anticipated to provide crucial insights into demand trends. The analysts noted that while they anticipate estimates to remain largely unchanged, any unexpected positive deviation that drives prices higher could help alleviate concerns regarding demand.

Monday's trading saw oil prices mostly unchanged, with concerns over oil supply disruptions in the Middle East easing. Amidst the ongoing conflict, Israel launched an airstrike in Gaza, prompting investigations into whether the deputy military commander of Hamas was killed. Despite the escalation of tensions and diminishing hopes for a ceasefire during the holy month of Ramadan, the impact on oil supplies remained limited. The conflict, while contributing to geopolitical uncertainties, did not result in significant disruptions to oil production or distribution channels.

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