Oil Rises As Physical Market Tightens

Oil prices rose early on Tuesday amid signs that the physical supply of crude will tighten over the first quarter and counter concerns about slow vaccine rollouts and Chinese lockdowns. As of 10:14 a.m. ET on Tuesday, WTI Crude prices were trading up 0.23 percent at $52.90, and Brent Crude was up 0.30 percent at $56.13. Oil prices largely shrugged reports of an explosion in Riyadh, the capital of the world’s top oil exporter, Saudi Arabia. The cause for the blast, which occurred around 1 p.m. local time, or 10 a.m. GMT, was not immediately…