Oil rose on Tuesday, recovering from the previous day's drop, as expectations of further declines in U.S. crude inventories outweighed fears that spreading COVID-19 variants could derail a global economic recovery.
Brent crude for September climbed 25 cents, or 0.3per cent, to US$75.41 a barrel by 0036 GMT, after losing 0.5per cent on Monday. U.S. West Texas Intermediate crude for August was at US$74.33 a barrel, up 23 cents, or 0.3per cent, having fallen 0.6per cent the previous day."Optimism about tight supply and declining U.S.
U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined, a preliminary Reuters poll showed on Monday.
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