Oil rises as markets expect continuous fall of inventories

LONDON (Reuters) – Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.

Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.

U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $71.89 a barrel.

Both markets dropped more than 3% on Monday.

“Some market participants see Monday’s price set-back as a bit exaggerated, considering that we are likely to see another decline in oil inventory this week,” UBS analyst Giovanni Staunovo said.