Crude oil futures rose in mid-morning Asian trade March 23, resuming their upward climb after easing slightly overnight, while US crude stocks fell last week, signaling a further tightening of the oil market.
At 11:44 am Singapore time (0344 GMT), the ICE May Brent futures contract was up $1.90/b (1.65%) from the previous close at $117.38/b, while the NYMEX May light sweet crude contract rose $1.66/b (1.52%) at $110.93/b. The sharp rally in oil prices since late last week stalled overnight, with both crude benchmarks settling 0.12%-0.32% lower on the day. The Relative Strength Index on the four-hourly candlestick charts for ICE Brent crude had showed the contract approaching overbought territory on March earlier this week. “Oil prices traded in a choppy manner yesterday, although the market did settle lower on the day,” ING analysts Warren Patterson […]