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Oil rises slightly; focus on China demand and U.S. outlook

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Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings.

Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate crude rose 13 cents to $81.75 per barrel.

However, crude prices are wavering as the dollar stabilizes and over exhaustion from China-reopening headlines, according to OANDA analyst Edward Moya. Demand for products has lifted the oil market and refining margins. The 3-2-1 crack spread , a proxy for refining margins, rose to $42.18 per barrel on Monday, the highest since October.into petroleum futures and options at the fastest rate for more than two years as concerns about a global business cycle downturn have eased.

 

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