Oil futures trade slightly higher Tuesday, a day after Brent crude, the global benchmark, traded above $60 a barrel for the first time in more than a year.
The U.S. benchmark, West Texas Intermediate crude for March delivery CL.1 CLH21 was up 6 cents, or 0.1%, at $58.04 a barrel on the New York Mercantile Exchange. April Brent crude BRNOO BRNJ21 was up 16 cents or 0.3%, at $60.72 a barrel on ICE Futures Europe.
Oil rallied Monday as equities continued their surge,helping to lift major U.S. benchmarks to another round of all-time highs. Broad-based market optimism remains tied to expectations for another large round of government aid spending from President Joe Biden’s $1.9 trillion proposal, as well as progress on vaccine rollouts around the world.
WTI crude rose o.8 percent to $58.44 a barrel. “Progress on Us stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery in fuel demand),” Reuters reported, citing Stephen Innes, chief global markets strategist at Axi.
Innes cautioned that both Brent and WTI are in overbought territory on technical charts. Last month, Saudi Arabia offered voluntary cuts to its oil production by additional 1 million barrels per daily in February and March to help balance global markets.
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