Oil prices rose on Tuesday after two days of losses, with some risk appetite returning as the market awaited clues from the U.S. Federal Reserve chairman on potential rate rises and as some oil producers continued to struggle to beef up output.
Brent crude futures gained 26 cents, or 0.3%, to $81.13 a barrel at 0156 GMT, after dropping 1% in the previous session.
Oil price declines over the previous two sessions had been driven by worries about soaring cases of COVID-19 around the world potentially sapping fuel demand. "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.
"The fundamentals remain bullish for crude again - especially if OPEC continues to struggle to hit its quota as part of the 400,000 barrels per day monthly increases, as demand strengthens," said OANDA analyst Craig Erlam.
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