Oil prices rise amid ongoing supply cuts, but recession fears loom

Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club OPE...

SINGAPORE - Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further.

Brent crude oil futures were at $67.48 per barrel at 0747 GMT, up 27 cents, or 0.4 percent, from their last close. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia, who have pledged to withhold around 1.2 million barrels per day of supply this year to prop up markets.

Commodity trader Trafigura said on Monday it expects Brent to trade around $66-$67 a barrel, or slightly higher, for the rest of the year.

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