Mubasher: Oil prices turned marginally lower when settling trading today, Tuesday, with the rise of the US dollar and the anticipation of inventory data.
Investors are watching for the return of US production after a frost wave in Texas that halted crude production last week.
Morgan Stanley expects Brent crude prices to rise to $ 70 a barrel in the third quarter on the back of the prospects for picking up demand.
The American Petroleum Institute is scheduled to release oil stockpile data later in the day, and the Energy Information Administration will announce the official numbers tomorrow, Wednesday.
Upon settlement, the price of US NYMEX crude for April delivery fell by 3 cents, or about 0.1 percent, to $ 61.67 a barrel, after jumping by 4 percent in yesterday’s session.
By 7:50 PM GMT, the price of futures contracts for “Brent” crude for April delivery rose 0.5 percent to $ 65.59 a barrel.