Mumbai, 23 Apr (Commoditiescontrol): Crude oil prices rose in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East.
Global benchmark Brent crude oil futures rose 39 cents, or 0.5%, to $87.39 a barrel, while U.S. West Texas Intermediate crude futures were up 40 cents, or 0.5%, to $82.30 a barrel.
Both benchmarks fell 29 cents in the previous session on signs that a recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region.
However, analysts noted a multitude of risks remain in the oil market. ANZ analysts highlighted U.S. approval of new sanctions on Iran's oil sector that broaden current sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude.
Barclays analysts said on Monday that risks to their $90 a barrel forecast for this year's Brent prices remain skewed higher.
U.S. crude oil inventories are expected to have increased last week while refined product stockpiles likely fell, according to a preliminary Reuters poll of analysts.
(By Commoditiescontrol Bureau: 09820130172)
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