Oil prices rose 3% on Tuesday, largely driven by profit taking after more than a week’s losses and supported by rising demand in Europe and the United States.
Brent crude was up $1.87, or 2.7%, at $70.91 a barrel by 10:39 a.m. ET (1440 GMT,) and U.S. oil rose $2.12, or 3.2%, to $68.60 a barrel.
Both contracts dropped around 2.5% on Monday and fell by the most in months last week on concerns over rising COVID-19 cases.
Analysts said the demand outlook was still choppy.
