Oil prices inched up on Tuesday as the Organisation of the Petroleum Exporting Countries’ (OPEC) deal with associated producers last week to deepen output cuts in 2020 continued to provide a floor for prices, but United States (US)-China trade tensions clouded the demand outlook.
Brent crude settled up 9 cents at $64.34 a barrel, and West Texas Intermediate (WTI) oil rose 22 cents, or 0.4 per cent, to $59.24 a barrel.
The benchmarks fell 0.2 per cent and 0.3 per cent, respectively, on Monday.
Last week, the OPEC and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
