Oil rises towards $69 as focus returns to tighter market

Oil rises towards $69 as focus returns to tighter market

LONDON- Oil prices rose towards $69 a barrel on Tuesday as investors focused on prospects for tighter supply due to extended OPEC+ output curbs and amid growing hopes of a recovery in demand.Crude it its highest level since the start of the pandemic on Monday after Yemen's Houthi forces fired drones and missiles at Saudi oil sites on Sunday. Saudi Arabia said it thwarted the strike and prices slipped as supply fears eased. Brent crude was up 51 cents, or 0.8%, at $68.75 by 1200 GMT, after trading as low as $67.61. It reached $71.38 on Monday, the highest since Jan. 8, 2020.U.S. West Texas Intermediate (WTI) added 37 cents to $65.42, after hitting its highest since October 2018 on Monday."Dips have been lately viewed as buying opportunities," said Tamas Varga of broker PVM. "Last week's OPEC+ meeting will ensure that the global oil balance will get tighter in the foreseeable future."On Monday, Brent rose to $71.38, its highest since Jan. 8, 2020 and U.S. crude hit $67.98, the highest since October 2018."With a structural undersupply in the physical market now, any dips in oil prices are likely to attract physical buyers' attention," said Jeffrey Halley of broker OANDA.Prices also rose