Oil was higher in Asian trade Tuesday, supported by improved sentiment on the US economy and continued concerns over tensions between Iran and the West, analysts said.
New York’s main contract, West Texas Intermediate crude for delivery in April, gained 56 cents to $106.90 per barrel while Brent North Sea crude for April settlement was up 48 cents at $125.82.
“Oil prices have gone up… generally because of supporting signs of growing demand and US economic growth,” said Tetsu Emori, fund manager at Astmax asset management in Tokyo.
Hopes for higher crude consumption were lifted after data released last week showed the US economy added more than 200,000 jobs for the third straight month in February.
The US is the world’s largest oil user.