US crude oil rose slightly on Tuesday in accordance with the information that US supports the extension of certain measures to support the economy. It is said that they are eager to consider and modify the payroll loan program for small businesses.
Concerns about Brent oil production cuts won’t be enough is fading away.
Oil recovered for several days, following major production cuts and supply cuts to reduce supplies. Demand continues to grow as the virus begins to be controlled by governments globally and alleviated restrictions to stop the spread of the coronavirus pandemic.
The front-month contract for West Texas Intermediate (WTI) crude, which expires on Tuesday, settled up 68 cents a barrel, or 2.1%, at $32.50 a barrel. The July contract, trading at vastly higher volumes, settled up 31 cents at $31.96 a barrel.
Benchmark Brent crude oil was settled at $34.65 a barrel, down 16 cents or 0.5%.