March crude oil prices traded higher throughout the overnight and early morning hours, supported by better-than-expected Chinese PMI data and a favorable outside market tone. Global equity markets were sharply higher and the US dollar under pressure. Some traders pointed to prospects for a potential supply disruption of crude flows out of Iran appears to be another supportive force this morning. This comes as US officials consider more sanctions against the country. Private industry data after the close Tuesday showed a slightly smaller than expected build in crude oil supplies last week. While the market is looking for an increase of around 2.0 million barrels, March crude oil prices briefly turned lower after the report.
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