Brent Crude, WTI Settlements Rise on Tuesday

Amid hopes for future recovery, oil prices stabilized on Tuesday despite concerns about the latest emerging coronavirus variation.

Brent crude futures were up 8 cents, or 0.1%, settling at $74.76 a barrel.

U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or up 0.1%, ending at $72.98 a barrel.

“The market has grown relatively immune to COVID-19 developments, but if lockdowns occur in larger demand centers in Asia, we may see the market’s nonchalance abate,” said Tamas Varga, PVM Oil analyst.

Investors will be looking to the latest U.S. Department of Energy oil inventory data on Wednesday for cues on the demand outlook.