Oil futures settled higher Tuesday, recouping some of the losses suffered over back-to-back sessions as China took steps to boost its economy a day after another round of downbeat data.
Against this backdrop, West Texas Intermediate crude for February delivery rose $1.60, or 3.2%, to settle at $52.11 a barrel on the New York Mercantile Exchange. Prices had closed up for nine consecutive sessions through last Thursday, to their highest since early December, before mild drops on Friday and Monday.
March Brent crude rose $1.65, or 2.8%, to $60.64 a barrel on ICE Futures Europe.
Crude prices have risen by more than 20% from annual lows reached at the end of 2018, on signs a global oversupply is being brought into balance, in part because of a production pledge by Organization of the Petroleum Exporting Countries-plus members. December’s low was made on back of a 40% price plunge during the fourth quarter of last year, from four-year highs reached as recently as the start of October.
Source : Market Watch