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Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0122 GMT, while U.S. West Texas Intermediate crude futures inched up 6 cents, or 0.1%, to $70.83 a barrel. The benchmarks had fallen over 3% and 4% respectively on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output.
OPEC Oil: "Saudi Arabia's sharp price cuts and OPEC's increased production have offset supply concerns caused by escalating geopolitical tensions in the Middle East," said CMC Markets analyst Leon Li.
Recalcitrant OPEC members are blamed for the Saudis' action.
Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions...
The US equities followed up on the European stock market gains on Monday; technology stocks gained the most and their precious contribution to the S&P 500 pushed the latter up by more than 1.40% yesterday, as Nasdaq 100 rallied past 2%. Boeing and Spirit AeroSystems were heavily hit by a after Boeing’s 737 Max 9 model got temporarily grounded amid an Alaska Air flight incident over the weekend, but apart from these two, the overall sentiment was positive at the start of the week.