Oil rises as production curbs face renewed demand fears - Reuters

Oil rises as production curbs face renewed demand fears - Reuters:

Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns about a resurgence in coronavirus cases.

Brent crude rose 38 cents, or 0.9%, to settle at $41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2%, to end at $38.94 a barrel.

The Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, on Saturday agreed to extend record cuts of 9.7 million barrels per day (bpd) until the end of July.

However, Saudi Arabia, Kuwait and the United Arab Emirates said they would not maintain supplemental reductions that amount to more than a million barrels of daily supply.