Crude oil futures rose on Tuesday, ahead of the March contract's expiry on Wednesday, and as normal trading resumed following Monday's holiday in the US.

Crude oil for March delivery advanced 80 cents, or 0.8% to settle at $96.66 a barrel on the New York Mercantile Exchange. Normal floor trading was closed on Monday for Presidents' Day. Prices declined 1.5% on Friday.

Investors cheered encouraging German sentiment data, out Tuesday, which came in better than expected. The ZEW Indicator of Economic Sentiment increased 16.7 points to 48.2 in February, easily beating forecasts of 35.0 point. It also helped sooth nerves about some of the recently poor data from Europe.

Meanwhile hopes of a reduction in the glut of supplies in Cushing, Okla were boosted after the company, which operates the key Seaway pipeline, said it would increase flows from January levels.

Otherwise this week's supply data will be out a day later than usual following Monday's holiday.

On the ICE futures exchange April Brent crude climbed 14 cents, or 0.1%, to close at $117.52 a barrel.

Among precious metals gold settled lower for the fourth consecutive session on Tuesday as investors opted for equities but the precious metal managed to remain above $1,600.

Gold for April delivery lost $5.30 to settle at $1,604.20 an ounce on the Comex division of the New York Mercantile Exchange.




CJ

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