Brent rises above $59 on hopes of economic recovery

Brent edged above $59 a barrel on Tuesday after a 2-per cent slide the session before, buoyed by cautious optimism on the outlook for the global economy.



But the international oil benchmark is still 6-per cent off a peak reached a week ago as worries about oversupply fester.



April Brent had risen 32 cents to $59.22 by 0236 GMT, while front-month US crude was up 10 cents at $49.55.



Oversupply worries also capped further upside momentum, with crude inventories in the United States expected to have increased by 4 million barrels to a record high in the week ending Feb. 20, a preliminary Reuters survey showed on Monday.



Refinery woes have also weighed on crude prices. The largest US refinery strike in 35 years affecting 12 refineries that account for a fifth of national production capacity continued into its fourth week, and talks are not expected to resume this week.



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