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| Edited By: |Source: PTI |Updated: Mar 30, 2018, 02:56 AM IST
World oil prices advanced today as traders digested a eurozone bailout plan and the IEA's energy demand outlook, before the US government's weekly energy report.
New York's main contract, light sweet crude for June delivery, rose 30 cents to $76.67 a barrel.
Brent North Sea crude for June added 90 cents to $81.39 a barrel in midday London trade.
"Oil continues to consolidate after last week's dramatic sell-off," said VTB Capital analyst Andrey Kryuchenkov.
Crude futures had slumped by more than ten percent last week as traders fretted about contagion fears from the Greek debt crisis.
However, prices rallied on Monday on the back of a massive €750 billion EU-IMF financial rescue plan for debt-ridden eurozone countries.
The market turned mixed yesterday as enthusiasm waned for the bailout package and concern grew about Chinese inflation that could sap global economic growth.
"Market participants remain sceptical over the EU/IMF bailout package," noted Kryuchenkov.
"In any case, today the market is turning its attention back to fundamentals with the EIA reporting US fuel stockpiles in the week to 7 May."
The US government's Energy Information Administration will publish its weekly report later at 1430 GMT.
Market expectations are that US crude reserves increased by 800,000 barrels, according to analysts polled by Dow Jones Newswires.
Stockpiles of crude in the United States are closely watched because it is the world's biggest economy and the largest energy consuming nation.
