Oil prices rise on optimism easing of coronavirus lockdowns to spur fuel demand
Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.
US West Texas Intermediate (WTI) crude futures rose 1.3%, or 50 cents, to $38.69 a barrel at 0134 GMT, after dropping by $1.36 on Monday.
Brent crude futures rose 1.4%, or 56 cents, to $41.36 a barrel. The benchmark contract fell $1.50 on Monday, snapping a seven-day streak of gains.
“With Brent holding very nicely above $40, there’s talk among traders that WTI will test that level soon,” said Michael McCarthy, chief market strategist at CMC Markets.
