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Oil rises 1% on supply cuts, gloomy economic outlook caps gains(Update)


International Brent crude oil futures were at $59.62 per barrel at 0133 GMT, up 63 cents, or 1.1 percent from their last close.  U.S. West Texas Intermediate (WTI) crude futures were at $51.01 per barrel, up 50 cents, or 1 percent, from their last settlement.

International Brent crude oil futures were at $59.62 per barrel at 0133 GMT, up 63 cents, or 1.1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.01 per barrel, up 50 cents, or 1 percent, from their last settlement.

SINGAPORE: Oil prices rose by 1 percent on Tuesday amid supply cuts by producer club OPEC and Russia, although analysts said much bigger gains were unlikely because of a darkening economic outlook capped gains.

International Brent crude oil futures were at $59.62 per barrel at 0133 GMT, up 63 cents, or 1.1 percent from their last close.

Oil & Gas , Markets , Corporate News

   

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