Brent crude futures gained 43 cent to $79.41 a barrel at 0502 GMT, while U.S. West Texas Intermediate (WTI) crude recouped its earlier loses and rose 33 cents to $76.41 a barrel.
The benchmark contracts both climbed more than 1% on Monday.
"Number one driver (of global oil prices) at the moment is management of the supply side of the market by OPEC+. While there are also outages in Libya and Ecuador which are supportive," said Virendra Chauhan, analyst from Energy Aspects.
Chauhan also said that fuel demand concerns from the spread of Omicron are ebbing and the planned releases of crude from various national strategic petroleum reserves are smaller than expected.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, together called OPEC+, are due to meet on Tuesday. The Joint Ministerial Monitoring Committee will meet at 1200 GMT, followed by a ministerial meeting at 1300 GMT, both by video conference.
For an optimal experience, please
