Oil prices rose more than 1 per cent on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains in a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up 77 cents, or 1.4 per cent, at $57.12 a barrel by 0950 GMT, its third straight day of gains. US oil gained 82 cents, or 1.5 per cent, to $54.37. Both contracts rose more than 2 per cent in the previous session.
OPEC crude production rose for a seventh month in January but the increase was smaller than expected, a Reuters survey found.
Also, voluntary cuts of 1 million bpd by OPEC’s de facto leader, Saudi Arabia, are set to be implemented from the beginning of February though March.
