Brent ended up 0.93% at $50.76 and WTI ended up 1.34% at $47.62.

Oil prices continued their rise on Tuesday, after returning in recent days to their level of the beginning of the pandemic, supported by a geopolitical risk in the Gulf and leaving aside the gloomy outlook for demand.

A barrel of North Sea Brent for delivery in February rose 0.93% or 47 cents in London to $50.76.

The US barrel of WTI for the month of January appreciated by 1.34% or 63 cents to 47.62 dollars.

The International Energy Agency (IEA) expects oil consumption to rebound in 2021 to be smaller than expected, mainly due to a downward revision in demand for aircraft fuel.

After similar forecasts from the Organization of the Petroleum Exporting Countries (OPEC), "a consensus is beginning to emerge among the major energy agencies: the expected rebound in demand from the beginning of next year may not arrive until the second half of the year," summed up Tamas Varga, analyst at PVM.

While oil consumption has fallen with the COVID-19 pandemic and lockdown measures that have limited travel and economic activity around the world, crude oil prices have rebounded since early November thanks to successive announcements on vaccines, allowing Brent to rise above the symbolic threshold of $50 per barrel.

Gloomy forecasts on demand in 2021, such as announcements of restrictive measures in several regions of the world, did not, however, disturb the price of black gold on Tuesday.

"Very clearly, the weakness of the dollar and geopolitical risk" support prices, Varga said.

The greenback is trading near its lows in two and a half years against other major currencies. The low cost of the reference currency makes it cheaper for investors using other currencies to buy oil.

On the geopolitical side, an oil tanker was the target of a boat bomb attack on Monday near a port of Jeddah in Saudi Arabia, the world's largest exporter of crude, authorities said.

The attack was not immediately claimed. But in recent months, Houthi rebels in neighboring Yemen have stepped up attacks on Saudi Arabia in retaliation for the country's military campaign in support of the Yemeni government.