Oil reverses losses, prices rise by about 1%; demand concerns persist
LONDON (Reuters) -Oil prices rose by about 1% on Tuesday, erasing earlier losses, as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and bleak economic data from top crude buyer China limited gains.
Brent crude futures rose 72 cents, or 0.8%, to $95.82 a barrel by 1219 GMT, after hitting a session low of $93.20. WTI crude futures rose $1.03, or 1.2%, to $90.44 a barrel, after falling to $87.82.
The contracts fell about 3% in their previous sessions.
The European Union is assessing Iran’s response to what the bloc has called its “final” proposal to save a 2015 nuclear deal, and consulting with the United States, an EU spokesperson said on Tuesday.
