Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging Covid-19 cases and a new wave of restrictions.
Brent crude oil futures were up 20 cents, or 0.3 per cent, at $69.66 a barrel by 8:01 am, while West Texas Intermediate (WTI) was up 19 cents, or 0.3 per cent, at $66.46 a barrel.
Both contracts rose more than 1 per cent on Monday.
“The market remained in a tight trading range amid the tug-of-war between worries over spreading coronavirus infection cases in Asia and optimism from economic reopenings in Europe and the United States thanks to vaccinations,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
