Oil prices rose slightly on Tuesday, rebounding from previous session's sell-off, as investors saw prices likely to rise in the months ahead.
U.S. sanctions against Iran and Venezuela, members of the Organization of the Petroleum Exporting Countries, have contributed to the gains, analysts said.
"The broader supply-demand balance looks set to tighten compared with the second half of last year. We forecast Brent prices to rise to USD 70-80/bbl over the next six months," said UBS in a report.
The West Texas Intermediate for April delivery increased 0.02 dollar to settle at 55.50 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for April delivery was up 0.45 dollar to close at 65.21 dollars a barrel on the London ICE Futures Exchange.
U.S. sanctions against Iran and Venezuela, members of the Organization of the Petroleum Exporting Countries, have contributed to the gains, analysts said.
"The broader supply-demand balance looks set to tighten compared with the second half of last year. We forecast Brent prices to rise to USD 70-80/bbl over the next six months," said UBS in a report.
The West Texas Intermediate for April delivery increased 0.02 dollar to settle at 55.50 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for April delivery was up 0.45 dollar to close at 65.21 dollars a barrel on the London ICE Futures Exchange.
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