Mubasher: Oil prices rose on Tuesday, on the back of renewed concerns regarding supplies in Libya.

Crude prices were able to recover from the steep decline that it witnessed on Monday’s session, as the market anticipates the American Petroleum Institute (API) weekly report on the oil inventories in the United States.

Nymex futures for August delivery slightly rose by two cents to settle at $68.08 per barrel.

Meanwhile, Brent crude rose by around 0.4% and settled near $72.16 a barrel.