May IPE Brent futures firmed slightly Tuesday, having begun the open-outcry session at Monday's closing level of $24.81/bbl. At 1250 GMT May Brent was trading at $24.88/bbl, up 7cts/bbl, according to IPE ticker.
Traders noted a calm reaction to OPEC's weekend announcement ofa 1-mil bbl output cut.
"We're still taking in the news," said one trader, adding that the market had been anticipating a larger production cut. "There's a little more spread buying,especially of June/July, moving from contango to a small backwardation, but the front month is stuck in contango, reported Platts.
The market will be influenced by April 'TI's last session, with positions to be unwound, but not a terrific lot," the trader
said to Platts.
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