Crude oil futures experienced a rise due to a tightening global market and uncertain geopolitical conditions in the Middle East.
West Texas Intermediate for April settled at $78.61 per barrel, up 0.9%, while Brent for April settled at $83.67 per barrel, up 0.77%.
The increasing price premium of first-month futures contracts over subsequent months indicates a tightening oil market, possibly influenced by winter storms disrupting global crude production.
Compliance with OPEC+ production cuts has risen, and U.S. stockpiles increased, influenced by fluctuating refinery utilization rates.
Geopolitical tensions in the Middle East persist, with ongoing efforts for a Gaza cease-fire and regional uncertainties affecting crude supplies.
