Oil futures climbed in early trade on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand.
Brent crude futures climbed to a high of $30.11 a barrel and were up 0.9 per cent, or 28 cents, at $29.91 at 0021 GMT, clawing back some of the previous session’s losses. The benchmark fell $1.34 on Monday, news agency PTI reported.
US West Texas Intermediate (WTI) crude futures were up 1 per cent, or 24 cents, at $24.38 after touching a high of $24.77.
