Oil rallies on tight supplies in aftermath of U.S. storm | Reuters

Oil rallies on tight supplies in aftermath of U.S. storm | Reuters

Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China's economy of a crisis at heavily-indebted property group China Evergrande.

Brent crude gained 52 cents, or 0.7%, to $74.44 a barrel by 1338 GMT, having fallen by almost 2% on Monday.

The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 41 cents, or 0.6%, at $70.70, after dropping 2.3% in the previous session. The more active November contract gained 52 cents a barrel to $70.66.

ActivTrades analyst Ricardo Evangelista said concerns over U.S. production were pushing aside other factors, including uncertainty over the outcome of the Federal Reserve monetary policy committee meeting, which begins on Tuesday and "fears that the Evergrande issue may trigger a wider crisis".