Oil prices rose on Tuesday as supply cuts by manufacturer club OPEC and Russia along with decreasing U.S. rig counts boosted sentiment.
International standard Brent crude climbed 0.90 percent to $59.52 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.85 percent at $50.94 per barrel.
OPEC members, along with numerous non-OPEC nations like Russia, concurred in late 2018 to cut output by 1.2 million barrels each day in order to stem a sinking market and support their own export-dependent economies.
In the United States, U.S. energy companies cut four oil rigs in the week to January 11, bringing the total count to 873 from a peak of 888 in 2018.
The Nikkei organisation daily reported today that Japan expects to reboot oil imports from Iran, which were suspended due to U.S. sanctions, as early as this month.
After importing no Iranian oil for a fourth month in December, South Korea is likely to begin buying Iranian crude this month or next.
U.K. bank HSBC cut its 2019 Brent rate projection by $16 to $64/bbl, reflecting stronger assumptions on U.S. oil supply strength and unpredictabilities over the pace of worldwide oil need development.
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