Oil prices rise on Tuesday

21/07/2020 Argaam

 

Oil prices rose in early trade on Tuesday. Brent crude futures were up 15 cents, or 0.4%, at $43.43 a barrel, while US West Texas Intermediate (WTI) crude futures edged up 2 cents to $40.83 a barrel.

 

OPEC and allies agreed last week to scale back oil production cuts from August as the global economy slowly recovers from the COVID-19 pandemic.

 

In addition, OPEC said in its monthly report that global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021.

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