Oil prices rose slightly on Tuesday after declining as much as 3 percent the previous day on concerns over an equity sell-off and doubts over how OPEC and its allies will implement planned supply cuts to ward off a glut.
Global benchmark Brent crude rose 0.25 percent to $60.12 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.37 percent at $51.19 per barrel.
The recovery comes after Libya's National Oil Company (NOC) late on Monday declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.
The shutdown is expected to result in a production loss of 315,000 barrels a day (bbl/day), and an additional loss of 73,000 bbl/day at the El Feel oilfield.
Traders are also digesting Chinese customs data released over the weekend, which showed that China's crude oil imports rose 15.7 percent year-on-year to a record high of 10.48 million b/d in November. The previous record high was 9.64 million b/d reached in April 2018.
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