Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. Picture taken February 11, 2019. REUTERS/Nick Oxford/File Photo
Brent crude futures rose 1.4%, or 56 cents, to $41.36 a barrel. The benchmark contract fell $1.50 on Monday, snapping a seven-day streak of gains. New York City, the U.S. city hardest hit by the novel coronavirus outbreak, began reopening on Monday after about three months, in a sign that life is returning to pre-outbreak routines that could spur fuel demand to return.
Six analysts estimated gasoline inventories fell by about 100,000 barrels in the week to June 5. However, they expect distillate stocks, including diesel and heating oil, rose by 2.9 million barrels.
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