Oil futures traded higher Tuesday, with crude up as traders return from a three-day weekend in the U.S. and U.K., encouraged by continued cuts in production and a pickup in demand as lockdowns ease around the world with the coronavirus pandemic receding.

West Texas Intermediate crude for July delivery on the New York Mercantile Exchange rose 75 cents, or 2.3%, to $34 a barrel. August Brent crude the global benchmark, was up 50 cents, or 1.4%, at $36.62 a barrel.

Analysts said optimism over easing lockdowns and news of progress toward a vaccine were lifting overall appetite for risk assets. U.S. stock-index futures pointed to strong opening gains for Wall Street Tuesday.

Source : Marketwatch