Singapore, Oil prices rose on Tuesday, extending the previous days rally on hopes of higher seasonal fuel demand and potential US crude purchases for its petroleum reserve, though gains were capped by a firmer dollar.
Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel and US West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05.
Prices climbed about 3% to a one-week high on Monday, buoyed by expectations of rising fuel demand this summer despite the dollars climb on expectations the US Federal Reserve will leave interest rates higher for longer.
Source: Qatar News Agency
