Oil prices rise amid broad market rally, OPEC supply cuts(Update)

Global benchmark Brent crude settled 10 cents higher at $78.80 a barrel. U.S. light crude rose 46 cents to $70.78 a barrel, more than $1 below the session high of $71.80.

SINGAPORE: Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.

A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.