Oil rises on stronger financial markets, expectations of extended supply cuts

Singapore: Oil prices rose on Tuesday in line with firmer financial markets and bolstered by expectations that producer goup OPEC and its allies will keep withholding supply.

Front-month Brent crude futures, the international benchmark for oil prices, were at $62.71 at 0630 GMT, 42 cents, or 0.7%, above Friday’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.85 per barrel, 59 cents, or 1.1%, above their last settlement.

Prices fell by around 1% in the previous session and crude futures are down by some 20% from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.