Tuesday’s Asian trading saw an increase in oil prices as gains from the previous session

In a statement released on Monday, the Department of Energy confirmed rumours that it would buy up to 3 million barrel of oil for the SPR.

The DOE also claimed to have obtained the cancellation of 140 million barrel of SPR sales over the following four years that were require by Congress.

By 1500 IST, West Texas Intermediate crude prices increased 0.6% to $ 71.27 barrel. While Brent oil futures increased 0.6% to $75.55 a barrel. On Monday, both contracts saw gains of around 2%.

The top economies and oil users in the world are cooling, according to recent economic assessments. This could potentially slow down demand for oil later this year.

This week, attention will be drawn to many additional Fed speakers, including Friday’s keynote address by Chair Jerome Powell.