Oil rises nearly 2% as robust China trade data offsets returning supply

Brent crude futures ended up US73 cents, or 1.8%, to $42.45 a barrel while U.S. West Texas Intermediate (WTI) crude futures settled up 77 cents, or about 2%, to $40.20 a barrel. On Monday, both benchmarks fell nearly 3%.

NEW YORK: Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise.

Brent crude futures ended up US73 cents, or 1.8%, to $42.45 a barrel while U.S. West Texas Intermediate (WTI) crude futures settled up 77 cents, or about 2%, to $40.20 a barrel. On Monday, both benchmarks fell nearly 3%.