Oil rose to around $69 a barrel on Tuesday as investors focused on prospects for tighter supply due to extended OPEC+ output curbs and amid growing hopes of a recovery in demand.
Crude hit its highest since the start of the pandemic on Monday after Yemen’s Houthi forces fired drones and missiles at Saudi oil sites on Sunday. Saudi Arabia said it thwarted the strike and prices slipped as supply fears eased.
Brent crude was up 51 cents, or 0.8%, at $68.75 by 1200 GMT, after trading as low as $67.61. It reached $71.38 on Monday, the highest since Jan. 8, 2020.
U.S. West Texas Intermediate (WTI) added 37 cents to $65.42, after hitting its highest since October 2018 on Monday.