Oil prices rose early on Tuesday amid signs that the physical supply of crude will tighten over the first quarter and counter concerns about slow vaccine rollouts and Chinese lockdowns. As of 10:14 a.m. ET on Tuesday, WTI Crude prices were trading up 0.23 percent at $52.90, and Brent Crude was up 0.30 percent at $56.13. Oil prices largely shrugged reports of an explosion in Riyadh, the capital of the world’s top oil exporter, Saudi Arabia. The cause for the blast, which occurred around 1 p.m. local time, or 10 a.m. GMT, was not immediately known. Lower oil exports from Russia and Iraq next month, as well as the Saudi extra cut of 1 million bpd for February and March is giving market participants hope that the physical market is tightening at a time when the immediate prospects for global oil demand are not bullish. According to Bloomberg , […]