Oil prices turned higher during Tuesday's trading, after rising by around 4% in the previous session, supported by a 90-day trade truce between China and the United States.
Futures prices for benchmark Brent crude for July delivery rose by 0.83%, or 54 cents, to $65.5 per barrel, as of 1:49 p.m. Mecca time.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for June delivery increased by 0.87%, or 54 cents, to $62.49 per barrel.
ING analysts said in an email to clients that the easing of trade tensions between China and the United States is a positive development, but there is still significant uncertainty about what will happen over the next 90 days. "This uncertainty may continue to create headwinds for oil demand," according to Reuters.
The market is awaiting the release of the American Petroleum Institute's report on U.S. crude inventories later today, ahead of the official data from the U.S. Energy Information Administration due tomorrow, Wednesday
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