Oil climbs as U.S., Europe reopen economies

Oil prices rose on Tuesday as hopes for a strong fuel demand recovery after U.S. and European economic reopenings offset worries over increasing COVID-19 cases in Asia.

Brent crude oil futures climbed 0.3%, or 19 cents, at $69.65 per barrel, while U.S. West Texas Intermediate crude rose 0.3%, or 18 cents, at $66.45 per barrel. Both contracts gained over 1% on Monday.

The British economy reopened on Monday, providing 65 million people more freedom after a four-month lockdown. France and Spain have eased restrictions on faster vaccination rates, while Netherlands and Portugal reopened travel.

Meanwhile, Singapore posted its highest number of COVID-19 infections in months, while Taiwan is aiming to curb a surge in cases. Both countries have reimplemented lockdown measures. 

In India, local gasoline and diesel sales by state refiners dropped by a fifth in the first half of May as restrictions hit industrial consumption and activities.