Oil prices recovered on Tuesday from six-week lows, with U.S. crude rising as much as 1 percent, as the market weighed up OPEC comments that a possible production freeze agreement could last longer than expected.
U.S. gasoline futures tumbled 4 percent after Colonial Pipeline said it expects to restart its main 1.3 million barrel per day gasoline line on Wednesday after
The news encouraged traders to sell gasoline and buy back crude as fears of fuel shortages eased, Again Capital founding partner John Kilduff said.
U.S. West Texas Intermediate (WTI) crude futures rose 14 cents to $43.44 a barrel by 2:40 p.m. ET after falling to a nearly 6-week low of $42.55 earlier in the session.
The pending expiry after Tuesday's settlement of WTI's October delivery contract, the front-month for the U.S. crude benchmark, had also weighed in New York's morning trade.
International benchmark Brent crude oil futures were trading down 21 cents at $45.74 per barrel, after dropping to $45.09, its weakest level since Aug. 11.