2020.09.2219:09:00UTC+00Crude Oil Futures Settle Modestly Higher

Crude oil futures ended higher on Tuesday, rebounding from recent sharp fall, although the uptick was not any significantly sharp as worries about outlook for energy demand continued to weigh on the commodity's prices.

With new cases of coronavirus infection surging higher in several parts of Europe, India and in many states in the U.S., it is feared energy demand will see a drop in the near term.

Fresh restrictions are being imposed in the U.K. and Spain to curb coronavirus surge. Experts warn the U.S. could experience another outbreak cycle.

West Texas Intermediate Crude oil futures for November ended higher by $0.26 or about 0.7% at $39.80 a barrel. The WTI futures contract had tumbled more than 4% on Monday.

Brent crude futures were advancing $0.19 or 0.46% at $41.63 around late afternoon.

WTI crude futures moved past $40 a barrel mark earlier in the session, but retreated from that level.

The American Petroleum Institute is due to release its weekly crude inventory data for last week, later today. It is expected to show a drop of about 2.5 million barrels in stockpiles.

The Energy Information Administration's inventory data is due out at 10.30 am ET on Wednesday.