Bangkok: Oil prices rose on Tuesday as energy markets set aside worries about a financial crisis in Cyprus after the release of strong US housing data.
Benchmark oil for April delivery was up 20 cents to $92.36 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 on Tuesday.
The price of Brent crude rose 52 cents to $107.97 a barrel on the ICE Futures exchange in London.
Later on Wednesday, the energy department is expected to report an increase of 2 million barrels in US crude oil supplies, according to a survey of analysts by McGraw-Hill's energy information arm Platts.
US oil production is at more than 7 million barrels a day, which is its highest level in 20 years.
Earlier on Tuesday, oil prices dropped after lawmakers in Cyprus rejected a plan to tax bank accounts to stabilise the country's banks and clear the way for an international bailout.
But data pointing towards a steadily improving US housing market provided further proof that an economic recovery is was taking hold in the world's biggest economy.
The US commerce department said builders started more houses and apartments in February and received building permits for future construction at the fastest pace in four-and-a-half years.
