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.
"Rising virus cases are a cause of concern as restrictions impact mobility and thereby fuel demand," said Ravindra Rao, head of commodity research at Kotak Securities. "However, despite the sharp rise in cases, none of the major economies are looking at severe lockdowns." "The market could still benefit from tighter supplies and supply risk from Russia," ANZ Research commodity analysts said in a note. Political tension has mounted as Russia has amassed troops on the border of Ukraine.
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