Oil prices climbed on Tuesday, reversing some of the previous day's losses, as tight supply and expectations of a further draw in US crude inventories provided support, although fears over the spreading Covid-19 variant capped gains.

Brent crude for September rose 19 cents, or 0.3%, to $75.35 a barrel early on Tuesday, after losing 0.5% on Monday. US West Texas Intermediate crude for August was at $74.34 a barrel, up 24 cents, or 0.3%, having fallen 0.6% the previous day.