Commodities

Oil Hits the Surging Position

Oil hits the surging position

Staging a paltry recovery from the performance of the previous session, oil prices grew in the early session of Tuesday. It had fallen 2.9 per cent the day before. However, issues of rising covid-19 cases and oversupply worries are still fuming the prices and keeping them in the territory of uncertainty.

Meanwhile, WTI futures hiked by 0.23 per cent to $39.52. On the other side, Brent oil futures rose to $41.80, up by 0.19 per cent at 3:38 AM GMT.

Reportedly, the supply outages that helped oil prices in rallying upwards are now depleting quickly. The rigs of the Gulf of Mexico (US) have already resumed their operation for oil extraction.

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