Demand Concerns Keep Crude Futures Down

Crude oil futures hover below last week’s closing levels as demand concerns keep a lid on benchmarks after a recent push higher. “We think it is mostly technical after the oil prices failed last week to further advance,” Peter Cardillo of Spartan Capital says in a note. He says the market is ignoring a near strike by Houthi rebels against an oil tanker in the Red Sea and air strikes by the U.S and Britain within the region. The U.S. Central Command said Houthi rebels on Saturday fired a missile with the likely target of a chemical/oil product tanker, without causing damage or injuries. WTI for April delivery is off 0.1% at $76.39 a barrel. April Brent, which expires Thursday, is off 0.2% at $81.47.