Oil prices were steady on Tuesday, holding onto the previous session's gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
Brent crude was up 6 cents at $43.14 a barrel at 0046 GMT, after gaining 2.1% on Monday. U.S. oil was up 8 cents at $40.81 a barrel, having risen 1.8% in the previous session. The reopening of some U.S. states and countries around the world after lockdowns has helped sustain oil’s recent rally as demand for fuel returns. In New York, streets were clogged with traffic as the worst affected city in the United States emerged from more than 100 days of lockdown.
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