Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world.
FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann
The market was buoyed by comments from Russia reporting its oil output had nearly dropped to its target of 8.5 million barrels per day for May and June under its supply cut deal with the Organization of the Petroleum Exporting Countries and other leading producers, a grouping known as OPEC+. OPEC+ countries are set to meet again in early June to discuss maintaining their supply cuts to shore up prices, which are still down around 45% since the start of the year. The big producers agreed in April to cut output by nearly 10 million bpd for May and June.
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