Oil bounces and takes back previous day’s losses

Oil prices bounces bounced sharply on Tuesday, erasing previous day’s losses, as Canadian wildfires eased supply glut concerns.

WTI crude for June delivery traded reached a high of $44.76 a barrel, before settling at $44.66 a barrel, up 1.22 or 2.81% on the session on the New York Mercantile Exchange.

Investors now await the release of weekly inventory data from the American Petroleum Institute after the bell on Tuesday.