Brent crude futures rose 59 cents, or 0.58%, to $102.91 a barrel, after rising to $103.93 earlier in the session.
US West Texas Intermediate crude contracts rose 34 cents, or 0.35%, to $98.88 a barrel, after jumping to $99.82 a barrel in early trading.
The People’s Bank of China said in a statement today, Tuesday, that China will keep reasonably abundant liquidity in financial markets, one day after the central bank announced a cut in the foreign exchange reserve ratio in banks to support the economy.
On the supply side, analysts said that the phasing out of Russian oil from the market will continue to support prices.
In a sign that oil markets are headed lower, five analysts polled by Archyde.com estimated that US crude stocks increased on average by 2.2 million barrels in the week ending April 22.
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