Mubasher: Oil prices rose on Tuesday after hitting an 11-year low as U.S. crude inventories unexpectedly fell.
Brent rose by nearly 28 cents to $36.39, and crude increased 31 cents to $36.45 a barrel.
The rise was due to speculations and purchases on the latest U.S. economic data, said oil industry expert Ahmed Karam.
He added that oversupply concerns are still impacting the market especially as Iran and U.S. started exporting.
U.S. inventories declined by 3.6 million barrels last week to reach 486.7 million barrels, compared to previous forecasts of rising to 1.1 million barrels, said American Petroleum Institute on Tuesday.
