<p>Oil prices rose on Tuesday on expectations of a recovery in the global economy after US Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.</p>.<p>But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains.</p>.<p>Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while US West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.</p>.<p>"Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy," Stephen Innes, chief global markets strategist at Axi said in a note.</p>.<p>"Brent is currently holding up above $68, suggesting speculators are likely dipping their toes back in after yesterday's chaos."</p>.<p>On Monday, Brent crude oil price rose above $70 a barrel after Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.</p>.<p>Riyadh said there were no casualties or loss of property and prices ended the day lower.</p>.<p>Still, the United States expressed alarm at "genuine security threats" to Saudi Arabia from Yemen's Iran-aligned Houthis and elsewhere in the region, and said it would look at improving support for Saudi defences.</p>.<p>The attacks came after the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week agree on broadly sticking with output cuts despite rising crude prices.</p>.<p>Investor focus, meanwhile, remains on the prospects for a global economic recovery.</p>.<p>US Treasury Secretary Janet Yellen said on Monday that President Joe Biden's $1.9 trillion coronavirus aid package will provide enough resources to fuel a "very strong" US economic recovery.</p>.<p>US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for a fifth straight week, a preliminary Reuters poll showed on Monday. </p>
<p>Oil prices rose on Tuesday on expectations of a recovery in the global economy after US Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States.</p>.<p>But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains.</p>.<p>Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while US West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24.</p>.<p>"Fundamentals remain incredibly supportive, especially with Saudi Arabia in full control pursuing a tight oil policy," Stephen Innes, chief global markets strategist at Axi said in a note.</p>.<p>"Brent is currently holding up above $68, suggesting speculators are likely dipping their toes back in after yesterday's chaos."</p>.<p>On Monday, Brent crude oil price rose above $70 a barrel after Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports.</p>.<p>Riyadh said there were no casualties or loss of property and prices ended the day lower.</p>.<p>Still, the United States expressed alarm at "genuine security threats" to Saudi Arabia from Yemen's Iran-aligned Houthis and elsewhere in the region, and said it would look at improving support for Saudi defences.</p>.<p>The attacks came after the Organization of the Petroleum Exporting Countries, Russia and their oil-producing allies, known as OPEC+, agreed last week agree on broadly sticking with output cuts despite rising crude prices.</p>.<p>Investor focus, meanwhile, remains on the prospects for a global economic recovery.</p>.<p>US Treasury Secretary Janet Yellen said on Monday that President Joe Biden's $1.9 trillion coronavirus aid package will provide enough resources to fuel a "very strong" US economic recovery.</p>.<p>US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for a fifth straight week, a preliminary Reuters poll showed on Monday. </p>