Oil rises on strong factory activity and forecast of a crude drawdown

On Tuesday, Oil prices rose, reversing overnight losses as better-than-expected U.S. manufacturing activity data spurred hope for a post-pandemic economic recovery, and as analysts forecast a sixth weekly drawdown in U.S. crude inventories.

Brent crude LCOc1 futures gained 89 cents, or nearly 2%, to $46.17 a barrel by 10:47 a.m. EDT (1447 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 74 cents, to $43.35 a barrel.