Oil recoups losses, Brent rises near $70

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.