Benchmark West Intermediate crude for March delivery rose 47 cents to finish at US$96.64 a barrel on the New York Mercantile Exchange. Crude dropped by US$1.60 to finish at US$96.17 a barrel on Monday, the biggest drop of the year so far.
Brent crude, used to price international varieties of oil, gained 92 cents to end at US$116.52 per barrel in London on Tuesday.
Data showing rising activity in the manufacturing and services sectors in the 17 European Union countries using the euro supported oil prices. And a U.S. report indicated that the services sector continues to expand.
Recovering stock markets also buoyed oil. Most European markets rose, and U.S. stock markets posted gains of about 1 per cent or better in afternoon trading
In other energy futures trading on the Nymex:
— Wholesale gasoline added 3 cents to finish at US$3.04 per gallon (3.70 litres).
— Natural gas rose 8 cents to end at US$3.40 per 1,000 cubic feet.
— Heating oil gained 4 cents to finish at US$3.19 a gallon.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)Suggest a correction