West TX Oil Above $52 on Iran, Middle East Concerns

U.S. crude oil futures rose above $52 a barrel in early Asian trade on Tuesday, stoked by concerns over Iran’s nuclear program and Middle East tensions, while forecasts of a further build in crude stocks capped gains.

U.S. crude rose 24 cents to $52.15 by 0004 GMT on Tuesday after settling 27 cents up in the previous session.  Brent crude climbed 26 cents to $58.19 finishing the previous session 6 cents higher.

U.S. commercial crude stocks are forecast to have climbed by 3.7 million barrels last week to extend their record build for the 14th consecutive week, according to an analysts’ poll by Reuters on Monday.


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