Crude oil rally hits snag

Crude oil markets drifted lower early in the Tuesday session as Middle East violence compounds the pressure from slow growth in the Asian economy.

The price for Brent crude oil for April delivery drifted lower by about 20 cents from its Monday settle to sell for $61.40 early in the trading day. Brent fell below the $50 mark late 2014 and in early 2015 as markets swung toward the supply side on the back of increased U.S. crude oil production.

The market slump accelerated in late November when the Organization of Petroleum Exporting Countries opted to keep production steady despite the glut. Prices have since recovered somewhat and now analysts are worried Libyan oil production may fall out of the marketplace amid growing strains of internal conflicts and terrorism.

Positive market pressure may be developing as Japan, the world's third largest economy, announced it exited two quarters of consecutive recession. Gross domestic product during fourth quarter grew but 2.2 percent, but the pace was subdued by a decrease in consumer spending.

In a European economy struggling to emerge from lingering recession, fiscal administrators are leaning on the Greek government to agree to an extension of its bailout package as talks collapsed Monday night. The board of governors at the European Investment Bank, meanwhile, announced plans to support long-term lending in an effort to kick-start the region's economy.

The price for West Texas Intermediate crude oil, the U.S. benchmark, fell 1.3 percent from the previous close to sell for $52.08 per barrel in the early Tuesday session.