Oil rises on talk of more OPEC cuts, demand concerns linger

Oil prices edged higher on Tuesday as expectations for major producers to further curtail output offset lingering concerns over global demand and rising U.S. production.

Brent crude futures were up 8 cents, or 0.14 percent, from the previous settlement at $58.65 a barrel at 1032 GMT. The international benchmark has lost more than 20 percent since hitting its 2019 high in April.

U.S. West Texas Intermediate (WTI) futures were at $55.02 per barrel, up 9 cents, or 0.1 percent.

Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries, said last week it planned to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories.

The kingdom's plan to float its national oil company Saudi Aramco in what could be the world's largest initial public offering (IPO) gives it further impetus to boost prices.

"With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its own output accordingly," Vienna-based consultancy JBC Energy said.