Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.
The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to cut production from Jan. 1 by 1.8 million barrels per day (bpd) for six months toRead more
Oil edged up on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained price rise, although growing US output and stubbornly high stockpiles kept price gains in check.
Brent futures were up 28 cents at $56.09 a barrel at 1448 GMT, while US West Texas Intermediate crude was up 23 cents at $53.63.Read more
Oil prices fell nearly one percent on news that Iran and Libya have continued to increase production, overshadowing an OPEC agreement struck last week to freeze output levels in a bid to stem a two-year price rout.
Benchmark Brent crude oil futures were trading down 40 cents, or 0.8 percent, at $50.49 a barrel at 0826 GMT.
US West TexasRead more