Brent Oil Future Slipped a Little on Tuesday but Held Over $40

Brent Oil Future Slipped a Little on Tuesday but Held Over $40

In the previous session, gaining the highest level of 2016, Brent crude oil prices dropped on Tuesday. However, it continued to remain above $40 a barrel as more number of producers announced discussion to support the market with investors betting that oil price will rise further.

On Tuesday, the International benchmark Brent crude futures defended $40 per barrel during the early trading hours at $40.51around
0154 GMT. It was 33 cents below the previous settlement.

On Monday, the oil future contract surged more than 5.5 percent during the intra-day trading and stayed fifty percent more than the
2016 lows from January 20.

On Tuesday, the U. S. West Texas Intermediate crude futures were trading at $37.65 per barrel. It was 25 cents lower than their last close. It was more than forty five percent from their February lows.

The oil markets started gaining last Friday following the news that a meeting between the major oil producers including OPEC and non-OPEC members like Russia could take place sometime between March 20 and April 1.

The oil prices got a further push when on Monday, the South American oil producers also said that a meeting could be scheduled to initiate talks regarding actions to support oil prices.