WTI crude oil refreshed daily tops during the first half of the European session, with bulls now looking to build on the momentum beyond the $60.00/barrel mark. The black gold managed to regain positive traction on Tuesday and recovered a part of the previous day's heavy losses to near two-week lows, around the $57.60 region. Renewed worries about rising oil supply receded amid a further easing of lockdown restrictions in the UK and strong economic data from the US.
It is worth recalling that the OPEC+ agreed last Thursday to roll back its production cuts between May and July amid signs of a strong US economic rebound. The announcement coincided with increasing Iranian production and prompted some aggressive selling around the commodity on the first day of a new trading week.