Oil gains on signs of output cuts, improved demand - Reuters:
Oil prices rose slightly on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.
Benchmark Brent crude climbed 7 cents, or 0.2%, to $34.88 a barrel by 0907 GMT, after earlier touching its highest since April 9.
U.S. West Texas Intermediate crude was up 70 cents, or 2.2%, at $32.52 a barrel.
“The market sees both forces aligning: the cuts OPEC+ promised are materialising and other non-member production shut-downs are also really helping to limit the oversupply,” said Paola Rodriguez Masiu, senior oil markets analyst at Rystad Energy.
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