Oil prices rise on renewed risk appetite, tight OPEC supply | Reuters

Oil prices rise on renewed risk appetite, tight OPEC supply | Reuters

Oil prices climbed on Tuesday, with investors regaining some risk appetite as they await clues from the U.S. Federal Reserve chairman on potential interest rate rises and as some oil producers continued to struggle to beef up output.

Brent crude futures gained 60 cents, or 0.7%, to $81.47 a barrel at 0740 GMT, after dropping 1% in the previous session.

U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 0.9%, to $78.91 a barrel, after falling 0.8% on Monday.

A weaker U.S. dollar helped support oil prices on Tuesday, as it makes oil cheaper for those holding other currencies.