Oil prices rise on Tuesday

Oil futures rose on Tuesday. Brent crude futures advanced 0.5%, or 15 cents, to $29.78 at 0500 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 1%, or 26 cents, at $24.40.

Saudi Arabia said it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April, Argaam reported.

On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million bpd for 2 months.

Major oil producers, including Saudi Arabia and Russia, were set to begin cutting production on May 1.

OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.