Oil prices rose in early Asian trading, on Tuesday, extending the gains made in the previous session, as indications of declining supplies and the Chinese authorities' pledge to support the world's second largest economy raised morale.
In China, the world's second-largest oil consumer, leaders pledged to step up policies to support the economy amid a shaky post-COVID-19 recovery, with a focus on boosting domestic demand.
However, disappointing data in the Eurozone and the US confirmed weakness across the global economy.
A survey showed that business activity in the eurozone contracted much more than expected in July, with demand falling in the bloc's dominant service industry, while factory output fell at the fastest pace since the onset of COVID-19.
In the United States, business activity slowed to a five-month low in July, dragged down by slower services sector growth.
Later on Tuesday, industrial data on US crude inventories will be released. Four analysts polled by Reuters estimated, on average, that crude stocks fell by about 2 million barrels in the week ending July 21.
