8/10, 8:10 AM (Source: TeleTrader)
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Oil increases 1%, recovers some of weekly losses

Prices of oil futures gained over 1% on Tuesday, as the investors shrugged off some of the worries related to the COVID pandemic and its potential impact on the future demand for crude. The traders will monitor the report by the American Petroleum Institute (API) on the crude inventories in the United States, scheduled for release later during the day.

Despite the uptick, prices of oil were still down more than 5% on a weekly basis, and close to 9% compared to eight days ago.

International benchmark Brent for settlements in October advanced by 1.03% to go for $69.75 per barrel at 1:59 am ET, and West Texas Intermediate (WTI) for September delivery moved up by 1.28% to sell for $67.33 per barrel at the same time.

Baha Breaking the News (BBN) / BU