Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.
OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran’s nuclear program.
U.S. crude stockpiles are forecast to fall 3.6 million barrels. The first of this week’s two supply reports is due at 2030 GMT from the American Petroleum Institute, an industry group.Read More
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