Oil prices increased on Tuesday, continuing gains from the previous session as signs of declining supplies and China's commitment to support its economy lifted sentiment.
Brent crude futures rose by 7 cents to $82.81 per barrel at 07:00 GMT, while U.S. West Texas Intermediate (WTI) crude increased by 11 cents to $78.85.
Both benchmark crudes have risen more than 2%, reaching their highest closing prices since April.
They have already gained for four consecutive weeks amid expectations of reduced supplies due to production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, collectively known as OPEC+.
In China, leaders pledged to intensify economic support policies amid uneven recovery post-COVID-19, focusing on boosting domestic demand.
However, disappointing data from the Eurozone and the U.S. highlighted weaknesses in the global economy.
A survey indicated that business activity in the Eurozone contracted much more than expected in July, with declining demand in the dominant services sector, while factory production fell at the fastest pace since the onset of COVID-19.
In the U.S., business activity slowed to its lowest level in five months in July, affected by a decline in the services sector growth.
Later on Tuesday, industrial data on U.S. crude inventories will be released. Four analysts surveyed by Reuters estimated an average decrease of about two million barrels in crude oil stocks for the week ending July 21.
