Oil prices rose on Tuesday after a US agency said shale output in the world’s biggest crude producer would fall by the most on record in April, adding to cuts from other major producers.
Brent futures rose 56 cents, or 1.8 per cent, to $32.30 a barrel by 0017 GMT after settling 0.8 per cent higher on Monday. US West Texas Intermediate (WTI) crude was up 47 cents, or 2.1 per cent, at $22.88, having dropped 1.5 per cent the previous session.
The Organisation of the Petroleum Exporting Countries, along with Russia and other producing countries, known as OPEC+, agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equal to about 10 per cent of global supply before the viral outbreak.
