Prices of "black gold" returned to gains on Tuesday, supported by the prospect of a tightening of inventories around the world. Still, forecasts of an increase in global production in the coming months and fears surrounding the rise of covid cases in Europe are holding back further price momentum.

West Texas Intermediate (WTI), the US benchmark for December delivery, advances 0.411TP2Q to $81.21 per barrel.

The December North Sea Brent contract, meanwhile, traded in London and the benchmark for European imports, adds 0.82% to $82.72.

The International Energy Agency (IEA), today revised upwards its estimate for the price of Brent crude oil in 2022 to $79.40 per barrel, but predicted that the rise in prices may be attenuated as higher prices help to accelerate global production.