Oil prices rose on Tuesday, thanks to improved risk appetite after yesterday's sharp losses, and ahead of the US inventories data.

The OPEC Plus alliance announced after an emergency meeting on Sunday to increase output by 400,000 barrels per day starting from August, and extended the expiration date of the cuts until the end of 2022 instead of April 2022.

The alliance decided to raise the production baseline from 43.8 million bpd to 45.5 million bpd starting from May 2022.

While the US output rose 300,000 barrels the past two weeks, with the total at the highest level since May 2020 at 11.4 million barrels per day.

The dollar index rose against a basket of major currencies by 0.1% to 92.9 points as of 18:45 GMT, after hitting a high of 93.04 points and a low of 92.6 points.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Wednesday.

As of 18:29 GMT, WTI crude August futures rose 1.5% to $67.4 a barrel, after hitting a high of $67.6 and a low of $65.2.

Brent September futures rose 1.2% to $69.4 a barrel, after hitting a high of $69.6 and a low of $67.4.

European stock indices rose on Tuesday, after the market absorbed the yesterday's losses in most global stock markets due to renewed concerns about the Covid-19 pandemic.

The World Health Organization stated that coronavirus infections have increased in the USs, Europe and Asia due to the new Delta strain, which has renewed fears of the pandemic spreading out of control.

Bear in mind that the mutated Delta strain was detected in Europe, the UK and several other countries around the world, after it first emerged in India.

Otherwise, data showed that Germany's producer price index rose 1.3% in June, on par with forecasts.

The eurozone's trade balance reading showed a surplus of €11.7 billion in June, lower than forecasts of a surplus by €24.3 billion.

As of 10:04 GMT, the Stoxx Europe 600 index rose 0.2% or 1 point, to 445 points.

The UK's FTSE 100 rose 0.4% to 6,870 points, Germany's Dax rose 0.1% to 15,146 points, and the French CAC 40 rose 0.4% to 6,323 points.

US stock indices closed lower on Monday, amid renewed coronavirus concerns.

The World Health Organization stated that coronavirus infections have increased in the USs, Europe and Asia due to the new Delta strain, which has renewed fears of the pandemic spreading out of control.

The US government revealed that the average infection during the past seven days until Friday was about 30,000 cases, which is higher than June's average of 8,000 cases.

Tp the oil market, WTI crude August futures fell 7.5% or $5.39, and closed at $66.42 a barrel, after hitting a high of $71.6 and a low of $65.8.

Brent September futures fell 6.7% or $4.97, and closed at $68.62 a barrel, after hitting a high of $73.3 and a low of $68.1.

As for stocks, Dow Jones fell 2.1% or 725 points, and closed at 33,962, with a day high of 34,528, and a low of 33,741.

S&P 500 fell 1.6% or 68 points to 4,258, after hitting a high of 4,296 and a low of 4,233 points.

Nasdaq fell 1.1% or 152 points to 14,274, with a high of 14,313 and a low of 14,178.

Silver prices fell on Monday, as the US dollar rose against most of its major counterparts, amid renewed coronavirus concerns.

World Health Organization data stated that coronavirus infections have increased in the USs, Europe and Asia due to the new Delta strain, which has renewed fears of the pandemic spreading out of control.

The US government revealed that the average infection during the past seven days until Friday was about 30,000 cases, which is higher than June's average of 8,000 cases.

The dollar index rose against a basket of major currencies by 0.2% to 92.8 points as of 18:34 GMT, after hitting a high of 93.04 points and a low of 92.6 points.

Gold spot prices fell 2.6% to $25.1 an ounce as of 18:34 GMT, after hitting a day high of $25.8 and a low of $25.03.