2023.02.2808:52:00UTC+00Oil Prices Rise As Investors Await Inventory Reports

Oil prices rose on Tuesday amid Russian supply jitters and optimism around China's demand recovery.

Benchmark Brent crude futures climbed 0.7 percent to $82.59 a barrel, while WTI crude futures were up 0.9 percent at $76.33.

Oil prices received some support amid fears surrounding Russia's plan to deepen oil supply cuts.

Russia plans to cut oil exports from its western ports by up to 25 percent in March versus February, exceeding its previously announced production cuts of 5 percent of its output during the month.

China is holding its annual parliamentary meeting from this weekend, with investors awaiting new economic policy targets and policies to support growth. Markets also await the latest U.S. inventory data from the American Petroleum Institute industry group later today and Energy Information Administration on Wednesday for further clarity on oil demand.