Oil prices are fluctuating due to fears that an increase in Covid-19 infections could hamper global economic growth and suppress oil demand.
International benchmark Brent crude was trading at $69.31 per barrel at 0810 GMT for a 1% gain after closing Monday at $68.62 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $66.97 a barrel at the same time with a 0.93% rise after ending the previous session at $66.35 per barrel.
Prices have dropped more than 6% in the previous session, reaching an eight-week low as a result of the rapid spread of the highly contagious COVID Delta virus, which is reported to be more resistant to the existing vaccines.
First found in India, Delta variant has spread to over 100 countries so far and will soon be the most dominant COVID-19 strain globally, according to World Health Organization (WHO) on Monday.
Unvaccinated people account for more than 97% of new hospitalizations caused by the delta strain, according to health experts.
While new cases passed 50,000 mark in the UK a few days ago for the first time since mid-January, the country lifted all coronavirus restrictions, including facemasks and social distancing as of Monday.
Venues across the country were allowed to open their doors without any restrictions from midnight.
As the country moved to government’s Step 4, which lifts all remaining restrictions, the vaccine minister defended the decision, despite warnings from scientists and some opposition parties that it would be an early step.
Meanwhile, the US Centers for Disease Control and Prevention (CDC) upped the UK's Covid-19 alert level to 'very high,' the highest ranking on the agency's scale for determining how much Covid-19 is present in a country.
The CDC advised Americans not to travel to the UK, adding that if they 'must,' they should be fully vaccinated first.
Canada, however, announced that fully vaccinated Americans will be allowed to enter the country as of Aug. 9 for recreational or tourism purposes, more than a year after the country closed the border to most travelers to prevent the spread of Covid-19.
The prices were also negatively affected after the OPEC+ countries announced their decision to raise output by 400,000 barrels as of August, adding to the supply glut fears.
By Sibel Morrow