Oil rises ahead of US inventories data

Oil prices continued to rise as the US market opened on Tuesday, and rebounded from a 1-week low, thanks to hopes about the recovery in global demand as Covid-19 vaccination accelerates around the world, but today's gains are being ebbed by growing odds that the OPEC-Plus collation might agree this week to increase output during April.

US crude rose more than 1.3% to $61.00 a barrel, after opening at $60.22, and hit a low and the lowest since February 22 at $59.48, and Brent crude rose 1.1% to $63.94 a barrel, after opening at $63.22, and hit a low of $62.54.

US crude lost 2.1% on Monday, and Brent crude futures fell 1.9%, in their third straight daily loss.

Oil prices are lifted by hopes about the a recovery in global demand as Covid-19 vaccination accelerates around the world.

The US Food and Drug Administration (FDA) approved on Saturday the emergency use of the Johnson & Johnson's Covid-19 vaccine, making it the third vaccine that will be widely used in the US.

This vaccine is taken in only a single dose, and can be stored in normal cold temperatures, which makes it easier for distribution in most parts of the world.

US officials said that initial shipments have already started on Sunday, and Johnson & Johnson expects to ship more than 20 million doses by March 30 and 100 million doses by the middle of this year.

The OPEC-Plus Joint Ministerial Committee will meet on Wednesday to review the global output cut agreement and the latest developments in the global scene, amid growing odds that the collation might agree to increase output during April due to an expected supply deficit during the first quarter of 2021.

Later today, the American Petroleum Institute will release preliminary data on US crude stocks, while the Energy Information Administration will release its official data on Thursday.