Mitigating the overnight losses, oil prices once again regained its lost pace early on Tuesday, as investors choose to put their faith in the perilous zone by ditching the safe-haven US dollar that tumbled to a new low.
LCOc1 (Brent crude) futures surged to $45.77 a barrel, which is 1.1% or 49 cents 0406 GMT. Meanwhile, WTI (West Texas Intermediate) US crude CLc1 crude climbed to $42.98 a barrel that is 0.9% or 37 cents.
Notably, both contracts slipped around 1 per cent on Monday due to the concern of oil oversupply with global demand losing the ground below pre-pandemic levels.