Crude Oil Update

Crude oil is lower after Saudi Arabia's oil minister said OPEC may keep its output levels unchanged at its next meeting scheduled on March 15.

Oil prices are also lower on speculation that heating oil supplies will be sufficient to meet the late winter demand in US, when the Department of Energy releases data on Wednesday.

However, prices are supported on tensions between US and Iran and risk of UN sanctions if Iran refuses to halt uranium enrichment by February 21.
Some traders say that this event risk is still a long way off, and prices could correct further before any buying is seen.