Oil prices climb, bolstered by ongoing supply curbs - Reuters

Oil prices climb, bolstered by ongoing supply curbs - Reuters:

Oil prices rose on Tuesday, supported by signs that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.

Brent crude LCOc1 futures gained 64 cents, or 1.8%, to settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.10, or 3.3%, to settle at $34.35 a barrel.

The Organization of the Petroleum Exporting Countries and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million barrels per day in May-June to support prices at a time when coronavirus pandemic quarantines have slashed fuel demand.

Russian Energy Minister Alexander Novak was due to meet oil producers on Tuesday to discuss the possible extension of current cuts beyond June, sources familiar with the plans told Reuters. Some other nations including major Gulf producers Saudi Arabia, United Arab Emirates and Kuwait have already pledged to go beyond their commitments.