Oil prices rose slightly on Tuesday morning after their biggest drop since November in the previous session.
Report informs via Interfax that the price of March futures for Brent amounted to $76.3 per barrel at London's ICE, which is $0.18 (0.24%) higher than the closing price of the previous session.
The February futures for WTI oil in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.05 (0.07%), amounting to $70.82 per barrel.
Analysts explain the fall in oil prices on Monday by the news that Saudi Arabia will lower prices for all types of oil for all regions in February.
Oil prices are buoyed by the suspension of production at the largest field in Libya, Al-Sharara that led to a decline in Libyan output to 981,000 BPD last Friday from about 1.2 million BPD, ING analysts note.
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