International oil prices rebounded on Tuesday, the first day of July, recovering in just one day after falling on Monday for the first time in four sessions.
Oil prices surged as U.S. President Donald Trump announced plans to replenish the Strategic Petroleum Reserve (SPR), fueling expectations of increased demand.
Positive U.S. economic indicators also bolstered projections for higher demand.
Brent crude, the international oil benchmark, saw its September delivery contract close at 67.11 USD per barrel, up 0.37 USD (0.55%) from the previous session.
The September contract became the new front-month benchmark for Brent crude on that day.
In the U.S., West Texas Intermediate (WTI) crude futures for August delivery rose 0.34 USD (0.52%) to settle at 65.45 USD per barrel.
Trump commented that current oil prices are low, suggesting it is a good opportunity to replenish the SPR.
Before the COVID-19 pandemic, the U.S. Strategic Petroleum Reserve held 630 million barrels of oil. It has since been reduced to just over 400 million barrels.
