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Brent crude futures gained 61 cents, 0.8%, to $78.73 a barrel by
1006 GMT. West Texas Intermediate U.S. crude was up 53 cents, or
0.7%, to $73.34 a barrel.
Prices rallied over $3 on Monday after Iraq was forced to halt
exports of around 450,000 barrels per day from its northern
Kurdistan region through Turkey, following an arbitration
decision that confirmed Baghdad's consent was needed to ship the
oil.
Monday's announcement that First Citizens BancShares Inc will
acquire deposits and loans of failed Silicon Valley Bank spurred
optimism about the banking sector and sent European bank shares
higher.
"At the moment concerns about the risk to financial stability
has been relegated to the back of investors’ mind but another
bank run could trigger a flight out of risk again," PVM Oil's
Tamas Varga said.
Oil prices were also expected to draw continued support from
signs of recovering demand in China.
China's crude oil imports are expected to rise 6.2% in 2023 to
540 million tonnes, an annual forecast by a research unit of
China National Petroleum Corp showed on Monday.
Russian Deputy Prime Minister Alexander Novak said on Tuesday
that Russia needed to focus on boosting energy exports to
so-called "friendly" countries and noted Russian oil supply to
India jumped 22-fold last year.
U.S. crude oil stockpiles were seen rising about 200,000 barrels
last week, a preliminary Reuters poll showed on Monday.
The American Petroleum Institute (API), an industry group, will
publish its inventory data at 4:30 p.m. EDT (2030 GMT) on
Tuesday and the U.S. Energy Information Administration at 10:30
a.m. (1430 GMT) on Wednesday.
(Additional reporting by Sudarshan Varadhan and Mohi Narayan)
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