2021.08.2419:14:00UTC+00Crude Oil Futures Settle Higher For 2nd Straight Day

Crude oil prices moved higher on Tuesday, extending gains to a second straight session, as concerns about outlook for energy demand eased a bit amid signs of falling coronavirus infections in China, India and some other countries.

The U.S. drug regulator's decision to grant full approval to the Pfizer/BioNTech SE COVID-19 vaccine, and a subdued dollar too contributed to oil's uptick.

Oil prices were also supported by a fire on an oil platform off Mexico on Sunday, which resulted in the shutdown of 125 wells in the field and likely reduce daily output of oil equivalents by 421,000 barrels.

West Texas Intermediate Crude oil futures for October ended up by $1.90 or nearly 3% at $67.54 a barrel.

Brent crude futures were up 2.17 or 3.19% at $70.54 a barrel a little while ago.

The full FDA approval of Pfizer's COVID-19 vaccine is expected to boost economic recovery and fed demand for fuel.

Speaking from the White House, U.S. President Biden called the approval a key milestone in the nation's fight against COVID. He stressed that inoculation saves lives and that those awaiting final FDA approval no longer have a reason to delay.

Traders now await weekly crude inventories data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). While the API's report is due later today, the EIA is scheduled to release its inventory data Wednesday morning.