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Oil Prices Rise on Supply Cut Hopes

Investing.com - Oil prices climbed on Tuesday in Asia as market sentiment remained remained firm while expectations that producer cartel OPEC will extend supply cuts underpinned prices.

U.S. WTI crude futures were up 0.6% to $53.59, while international benchmark Brent gained 0.3% to $62.45.

All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.

Russia, the cartel’s main ally for price support, has yet to give a clear answer on production cuts, as Russian Energy Minister Alexander Novak said there was a “need to monitor (the) oil market to take a balanced decision in July”.

The OPEC+ managed to boost crude prices by more than 40% this year through late April through a deal to jointly cut at least 1.2 million barrels per day over a six-month period.

Oil prices were also buoyed by a broader lift in financial markets after Beijing eased financing rules to stem an economic downturn.

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