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Brent crude up $1 to over $60.50 as global markets firm

shutterstock_128653370Brent crude oil prices rose more than a dollar to above $60.50 a barrel on Tuesday, tracking firmer Asian markets, but analysts warned the market remained oversupplied.

Most Asian stock markets edged up on Tuesday, bolstered by a record day on Wall Street, while a resurgent yen helped knock the US dollar index off an 11-year high, making commodities priced in the greenback slightly cheaper for holders of other currencies.

Data showing China’s January crude oil throughput climbed 0.6 per cent on year to 39.35 million tonnes, or 9.27 million barrels per day, also supported the oil market.

Front-month Brent futures were trading up $1 at $60.54 a barrel by 0632 GMT, just off the day’s high of $60.74. US WTI futures were up 42 cents to at $50.01 a barrel.

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