Oil prices rise as U.S., Europe reopen economies | Reuters

Oil prices rise as U.S., Europe reopen economies | Reuters

Oil prices extended gains on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia.

Brent crude oil futures were up 33 cents, or 0.5%, at $69.79 a barrel by 0644 GMT, while West Texas Intermediate (WTI) was up 30 cents, or 0.5%, at $66.57 a barrel.

Both contracts rose more than 1% on Monday.

“Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United States and Europe in light of easing of various pandemic-related restrictions,” said Chiyoki Chen, chief analyst at Sunward Trading.