Oil prices climb as faith grows that suppliers will meet pledge to cut output
Share:
MELBOURNE/SINGAPORE (Reuters) - Oil prices rose on Tuesday, supported by growing confidence in the market that producers will come good on commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns eased around the world.U.S. West Texas Intermediate (WTI) crude futures gained 3.4%, or $1.12, to $34.37 a barrel as of 0652 GMT, just off an intra-day high of $34.54. There was no WTI settlement on Monday because of the U.S. Memorial Day..