Oil rose for a second day in early trading on Tuesday as prices were supported by U.S. plans to buy oil for the Strategic Petroleum Reserve as wildfires broke out in Canada, adding to supply concerns. Brent crude futures rose 31 cents, or 0.4 percent, to $75.54 a barrel, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4 percent.
Both benchmark indices rose more than 1 percent on Monday, ending a three-session losing streak. The US Department of Energy announced that it was heading to buy three million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and asked for offers by May 31.
Source (Al-Arabiya.net Website, Edited)
