Singapore - Crude Oil rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains.
Brent crude futures, the international benchmark for oil prices, were at $55.47 per barrel at 0544 GMT, up 23 cents, or 0.42 %, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were upward 25 cents, or 0.49 %, at $52.49 a barrel.
ANZ bank said that strong oil demand and "an unsettled global backdrop (is) leaving the market very finely balanced.
ANZ bank said that strong oil demand and "an unsettled global backdrop (is) leaving the market very finely balanced."
India, which recently overtook Japan as the world's third biggest oil importer, saw its March oil demand grow by 4.9 % from the same month a year ago, said Sukrit Vijayakar of energy consultancy Trifecta.
But for Asia overall, some of India's growth will be offset by a 1.5 % annual drop in Japanese oil demand over the next five years.
Commodity Trading
But for Asia overall, some of India's growth will be offset by a 1.5 % annual drop in Japanese oil demand over the next five years.
Commodity Trading
Comments