Oil rises as markets expect further fall in inventories | Reuters

Oil rises as markets expect further fall in inventories | Reuters

Oil prices rose on Tuesday on expectation of a further 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, was 29 cents, or 0.4% higher, at $73.18 a barrel, by 1111 GMT.

U.S. West Texas Intermediate (WTI) crude was up 28 cents, or 0.4%, at $71.54 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.