Oil prices extend recovery ahead of global demand estimates

Global oil prices rose in European trade on Tuesday for the second session off two-week lows as investors await global demand estimates from three major energy agencies. 

Traders also await initial data later today on US crude stocks from the American Petroleum Institute, expected to show a buildup for the sixth straight week.

Global Oil Prices 

US crude rose 0.8% to $78.66 a barrel, while Brent added 0.7% to $82.98 a barrel, with a session-low at $82.11.

US crude rose 0.4% on Monday away from recent two-week lows at $76.82, while Brent climbed to $81.11 away from February 28 lows. 

Global Demand Estimates

Analysts said that crude oil is currently engaged in sideways trading as traders await global demand estimates from several global energy agencies this week, which will help determine the path ahead for oil prices. 

US Stocks

Later today, initial data on US crude stocks will be released by the American Petroleum Institute, expected to show a buildup for the sixth straight week.