LONDON: Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.
Benchmark Brent crude was up 42 cents or 1.2 per cent at $35.23 a barrel by 1411 GMT.
The front-month contract for US West Texas Intermediate crude, which is set to expire on Tuesday, was up $1.03, or 3.2 per cent, at $32.85 a barrel.
The July contract, which was trading at vastly higher volumes, was up 46 cents at $32.11 a barrel.
“The market sees both forces aligning: the cuts OPEC+ promised are materialising and other non-member production shut-downs are also really helping to limit the oversupply,” said Paola Rodriguez Masiu, senior oil markets analyst at Rystad Energy.
