Oil ticked up on Tuesday, backed up by eased greenback and the U.S. repurchase strategy to reinforce the reserves yet the concerns over the effect of the surged Covid-19 infected cases restricted the earnings.

Brent crude futures edged up by 0.65% at $80.30 per barrel while WTI climbed by 1.31% at $76.19.

The bounce in oil prices was triggered by the U.S. decision to purchase 3 million barrels for the reserves following the release of 180 million barrels this year.

The slump in the U.S. dollar contributed also, as it made oil prices more affordable for different currencies holders.

It is forecasted by economists that more surge in prices could take place, to range between $90 to $115 per barrel for the next quarter.

The current climb in Covid-19 cases that followed the eased restrictions has a negative effect on the oil markets due to the worries over the economy status of China.

According to a poll conducted by Reuters on Monday, analysts forecasted a slip in the U.S. crude stocks for the previous week by 200,000 barrels while the gasoline inventories and the distillates as well are predicted to nudge up.