Oil prices rose on Tuesday, after news of the continued commitment to reduce production.
Brent crude futures rose 2.08% to $ 36.27 a barrel.
While futures contracts for US light crude increased by 3.67% to 34.47 dollars a barrel.
Investors were optimistic in the oil market thanks to clear signs of a commitment to production cuts by the countries of the "OPEC +" agreement, in addition to more countries lifting quarantine restrictions, which will help in the recovery of demand for crude.
The oil markets were supported by Russian statements that it had reached the level of cuts required under the "OPEC +" agreement, as it must reduce its oil production by two million barrels per day.
The countries of the "OPEC +" group are reducing their oil production from the beginning of May this year in order to support oil markets, which are witnessing a historical decline in demand for crude due to the Coronavirus pandemic.
The countries of the group will reduce production by 9.7 million barrels a month in May and June from 2020, provided that these cuts are reduced in the second half of 2020 until the end of April 2022.
While futures contracts for US light crude increased by 3.67% to 34.47 dollars a barrel.
Investors were optimistic in the oil market thanks to clear signs of a commitment to production cuts by the countries of the "OPEC +" agreement, in addition to more countries lifting quarantine restrictions, which will help in the recovery of demand for crude.
The oil markets were supported by Russian statements that it had reached the level of cuts required under the "OPEC +" agreement, as it must reduce its oil production by two million barrels per day.
The countries of the "OPEC +" group are reducing their oil production from the beginning of May this year in order to support oil markets, which are witnessing a historical decline in demand for crude due to the Coronavirus pandemic.
The countries of the group will reduce production by 9.7 million barrels a month in May and June from 2020, provided that these cuts are reduced in the second half of 2020 until the end of April 2022.
This article has been amended from its original source.
