WASHINGTON (dpa-AFX) - Oil prices rebounded from three-week lows on Tuesday after data showed fuel demand in India rose in July to its highest since April, raising optimism the pandemic setback will not last for long.
Benchmark Brent crude futures rose 65 cents, or 0.9 percent, to $69.69 a barrel, while U.S. crude futures were up 85 cents, or 1.3 percent, at $67.33 a barrel.
Both contracts fell around 2.5 percent in the previous session on concerns over a rise of COVID-19 cases in Asian countries, especially China.
Fuel consumption, a proxy for oil demand, totaled 16.83 million tons, up 2.9 percent from June and 7.9 percent from the same period a year ago as most restrictions were eased, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Monday.
Hopes for a rise of demand in Europe and the United States as well as progress towards passing a bipartisan infrastructure bill in the U.S. also outweighed concerns over new pandemic curbs in China.
Investors await U.S. crude oil supply data from the American Petroleum Institute, due later in the day for further direction.
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