Oil prices built on gains Tuesday after another blistering rally but most markets were in retreat as traders brushed off a positive lead from Wall Street and the US-Mexico-Canada trade deal.
Crude has motored in recent weeks on concerns about supplies after sanctions are imposed on Iran next month, while OPEC's decision not to ramp up output, upheaval in Venezuela, a strong dollar and a drop in oil rigs have also pushed prices higher.
"Right now, we're just in a bull market for oil because of the prospects of a very tight market later on in the year," John Kilduff, founding partner at New York-based hedge fund Again Capital LLC, told Bloomberg News.
Both main contracts jumped almost three percent Monday and clocked up fresh gains in Asia, with observers and key players in the sector now eyeing USD 100 a barrel.
Kim Kwangrae, a commodities analyst at Samsung Futures, added: "The market's very keen to figure out the size of the impact from the Iranian supply disruptions and whether
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