Coastal grade Light Louisiana Sweet gained 15
cents at a midpoint of a $2.15 premium, while Mars Sour fell 15 cents at a midpoint of a $1.55 discount.
Inland grades were also mixed. WTI Midland fell 15
cents at a midpoint of an 80-cent premium, and West Texas Sour gained 95 cents at a midpoint of a 95-cent discount.
The Organization of the Petroleum Exporting Countries and their allies including Russia announced on Sunday further production target cuts of about 1.16 million barrels per day (bpd) from May through the rest of the year.
The pledges will bring the total volume of cuts by the group known as OPEC+ since November to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand. U.S. sour grades gained on Monday following the news.
The cuts would likely spur demand for U.S. crude exports as Middle East sour grades become more expensive, traders and analysts said.
U.S. crude oil and fuel inventories fell last week,
according to market sources citing American Petroleum Institute
figures on Tuesday. Crude stocks fell by about 4.3 million barrels in the week
ended March 31, they said. Gasoline inventories fell by about 4
million barrels, while distillate stocks fell by about 3.7
million barrels, according to the sources, who spoke on
condition of anonymity.
* Light Louisiana Sweet for May delivery gained 15
cents at a midpoint of a $2.15 premium and was seen bid and
offered between a $2.05 and $2.25 a barrel premium to U.S. crude
futures ?
* Mars Sour fell 15 cents at a midpoint of a $1.55
discount and was seen bid and offered between a $1.65 and $1.45
a barrel discount to U.S. crude futures ?
* WTI Midland fell 15 cents at a midpoint of an
80-cent premium and was seen bid and offered between a 70-cent
and 90-cent a barrel premium to U.S. crude futures ?
* West Texas Sour gained 95 cents at a midpoint of a
95-cent discount and was seen bid and offered between a $1.05
and 85-cent a barrel discount to U.S. crude futures ?
* WTI at East Houston , also known as MEH, traded
between a 90-cent and $1.1 a barrel premium to U.S. crude
futures ?
* ICE Brent June futures rose 1 cent to settle at
$84.94 a barrel on Tuesday?.
* WTI May crude futures rose 29 cents to settle at
$80.71 a barrel on Tuesday?.
* The Brent/WTI spread narrowed, hitting a high
of minus $4.15 and a low of minus $4.50.
(Reporting by Stephanie Kelly in New York
Editing by Matthew Lewis)
