Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook
Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains.
International Brent crude oil futures (LCOc1) were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close.Meanwhile, the United States last November re-imposed sanctions against Iran’s oil exports.
Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since.