WASHINGTON (dpa-AFX) - Oil extended gains on Tuesday after climbing nearly 2 percent in the overnight U.S. trading session.
Benchmark Brent crude futures climbed 0.7 percent to $87.17 a barrel in European trade, while WTI crude futures were up 0.7 percent at $83.95.
Oil prices maintained positive momentum to trade around two-month highs due to concerns about conflict in the Middle East and expectations for rising fuel demand during the U.S. summer travel season.
Gasoline demand in the U.S., the world's biggest oil consumer, is expected to recover after a subdued first half of 2024.
The American Automobile Association has forecast that travel during the holiday period will be 5.2 percent higher than in 2023, with car travel alone 4.8 percent higher than a year earlier.
The summer travel season picks up with the Independence Day holiday this week and airports around the United States are preparing for what could be the busiest Fourth of July travel season on record.
Expectations concerning possible disruptions from Hurricane Beryl on U.S. oil refining and offshore production in the Gulf of Mexico also helped push oil prices higher ahead of the release of inventory data from the industry body American Petroleum Institute later in the day.
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