Oil rises for a second day as Saudi Arabia pushes supply cut
Oil prices rose for a second day on Tuesday as Saudi Arabia, the de facto OPEC leader and the world’s biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020.
Brent futures rose 19 cents, or 0.3 per cent, to $61.11 a barrel by 0218 GMT, after gaining 0.7 per cent on Monday.
US West Texas Intermediate crude was up by 21 cents, or 0.4 per cent, at $56.17 a barrel. The contract rose 1.4 per cent on Monday.
