Oil prices hit March highs on Tuesday, finding support from concerns over tensions between Iran and Saudi Arabia, and about Venezuela crude production.
April West Texas Intermediate crude CLJ8, +2.14% rose by $1.20, or 1.9%, to $62.26 a barrel on the New York Mercantile Exchange. The April contract expires at the day’s settlement. May WTI crude CLK8, +2.21% which becomes the front-Mont contract, tacked on $1.18, or 1.9%, to $63.31.
May Brent crude LCOK8, +1.97% gained $1.22, or 1.9%, to $67.27 a barrel on ICE Futures Europe.