2023.03.2809:54:00UTC+00Oil Edges Higher On Supply Disruptions

Oil prices were slightly higher on Tuesday after posting strong gains the previous day on supply concerns and easing fears over the banking crisis.

Benchmark Brent crude futures traded 0.3 percent higher at $78.02 a barrel, while WTI crude futures were up half a percent at $73.17.

Oil prices saw their biggest rally in months on Monday amid signs of supply disruptions from Turkey, hopes for continued recovery of crude demand in China and optimism that the worst of the recent banking turmoil is nearing an end.

Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply.

Brent jumped 4.2 percent in the previous session, while WTI surged 5.1 percent.

As the sentiment improves, investors now await the release of the latest U.S. crude stockpiles data for further direction.

The American Petroleum Institute, an industry group, will publish its inventory data later in the session, while the EIA crude oil inventory report is due on Wednesday.