Oil prices rose on Tuesday in line with firmer financial markets and bolstered by expectations that producer group OPEC and its allies will keep withholding supply.
Front-month Brent crude futures were at $62.56 at 0707 GMT, up 27 cents, or 0.4 per cent, from Monday’s close. US West Texas Intermediate (WTI) crude futures were at $53.75 per barrel, 49 cents, or 0.9 per cent, above their last settlement.
Prices fell by around 1 per cent in the previous session and crude futures are down by some 20 per cent from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.
Traders said crude oil futures on Tuesday were pushed up by a broader lift in financial markets after Beijing eased financing rules to stem an economic downturn.
