Oil prices rose on Tuesday as investors bet for a continuous decline in U.S. oil inventories this week.
Benchmark Brent crude futures climbed 0.8 percent to $73.44 per barrel, while U.S. crude futures were up 0.7 percent at $71.78 per barrel.
Both benchmarks fell more than 3 percent on Monday amid concerns over rising cases of the Delta coronavirus variant in several countries and on weak manufacturing data from China and the United States.
The spread of the Delta variant from the mainland’s coast to China’s inland cities prompted authorities to implement strict counter epidemic measures.
The seven-day average of daily coronavirus infections in the United States has quadrupled from the levels recorded a month ago, according to data analyzed by the New York Times.
The American Petroleum Institute will release its weekly report on inventories later in the day.
On the supply side, the Organization of the Petroleum Exporting Countries and allies (OPEC+) implemented its plan to raise output by 400,000 barrels a day each month from August onwards.