Oil prices climb as faith in supply cuts grows - Reuters

Oil prices climb as faith in supply cuts grows - Reuters:

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Brent crude LCOc1 futures were up 0.8%, or 30 cents, at $35.83 a barrel by 1411 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 2.2%, or 73 cents, to $33.98. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday.

“The current recovery in oil prices has primarily been driven by supply considerations. The world’s swing producers, the OPEC+ group, is more than living up to expectations to adhere to the 9.7 million barrels per day (bpd), or perhaps even bigger, self-imposed and co-ordinated output restraint,” said oil broker PVM’s Tamas Varga.