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3/21, 9:53 AM (Source: TeleTrader.com)
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Oil trades higher on hopes of continued output cut

Crude prices rebounded on Tuesday after falling for several days. Oil traded in the green on market expectations that oil exporters will continue with the output cut agreed by producers last year in an attempt to tackle the global oversupply of the commodity and drive prices up.

In December, OPEC members along with non-OPEC producers led by Russia agreed to cut the global oil output by 1.8 million barrels per day from the start of 2017 until June.

International benchmark Brent for May delivery rose 0.70% to go for $52.00 per barrel at 9:41 am CET. WTI for May climbed 0.74% to sell for $49.28 per barrel at 9:41 am CET.

TeleTrader Newsroom / NP