Oil extends gains on brighter demand outlook

Oil extends gains on brighter demand outlook

Oil prices rose on Tuesday, extending sharp gains on a bullish demand outlook as Mexico suffered a big production outage and U.S. regulators issued their first full approval for a COVID-19 vaccine.

Brent crude oil futures were up 83 cents, or 1.2%, at $69.58 a barrel by 0941 GMT, while U.S. West Texas Intermediate (WTI) gained 68 cents, or 1%, to $66.32.

Both benchmarks jumped more than 5% on Monday, helped by a weaker dollar, after marking their biggest week of losses in more than nine months last week.

Both benchmarks marked their biggest week of losses in more than nine months last week - Brent slid about 8% and WTI fell about 9% - as markets braced for weakened fuel demand worldwide due to the surge in the pandemic, Reuters reported.

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Vestnik Kavkaza

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