Oil advances, but outlook gloomy as coronavirus cases, supply grow

TOKYO: Oil prices rose on Tuesday after recent sharp losses, but market sentiment remains muted as surging COVID-19 cases around the world hurt the outlook for crude demand while supply is rising.

Brent crude was up 33 cents, or 0.8%, at $40.79 a barrel by 0751 GMT. U.S. oil gained 28 cents, or 0.7%, to $38.84 a barrel. Both contracts fell more than 3% on Monday.