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Oil shows growth

Oil prices grew for the fourth consecutive session on Tuesday as investors covered short positions due to concerns about global oversupply on the market.

Brent crude futures, the international benchmark for oil prices, rose 35 cents, or 0.7%, to 46.18 a barrel. WTI crude futures rose 30 cents, or 0.7%, to $43.68 a barrel.

The market started to climb slightly up this week while spending most of the last month in the red zone.

"Oil may be close to the lowest levels since the U.S. drilling growth will hamper the recovery," said U.S. bank Citi on Tuesday.

Despite the cuts which began in January, markets remain saturated due to the production growth in other countries.

Nigeria and Libya are exempt from cuts and have raised production also Iran was allowed a little growth for recovering market share lost under Western sanctions.  

U.S. shale oil output has risen about 10% last year to 9.4 million barrels per day, while the number of the United States oil rigs has increased in more than three years.

"Traders are preparing for the Energy Conference in Washington, where the United States shale oil producers are expected to talk about their vision of the current market conditions," said ANZ Bank.

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