Oil rises slightly as OPEC+ complies with production cuts - Reuters

Oil rises slightly as OPEC+ complies with production cuts - Reuters:

Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States. Brent crude LCOc1 futures settled up 18 cents at $42.90 a barrel, after moving lower earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 19 cents to $40.29 a barrel. 

Crude futures strengthened in post-settlement trading, rising after the American Petroleum Institute, a trade group, said U.S. crude inventories fell more than expected in the latest week.

The market will be watching for additional weekly data Wednesday from the U.S. Energy Information Administration. [EIA/S]

Analysts estimate that U.S. gasoline stockpiles fell by 600,000 barrels and crude oil inventories by 2.1 million barrels last week, a preliminary Reuters poll showed.