Crude prices rose in Asia on Tuesday as investors saw chances of a market reblance in reach on a pledge by Saudi Arabia and Russia to extend production cuts through March of next year if other key producers go along and looked ahead to supply and demand figures.
On the New York Mercantile Exchange crude futures for June delivery rose 0.41% to $49.05 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted up 0.41% to $51.99 a barrel. Later, the Paris-based International Energy Agency will release its monthly report on global oil market trends with data from April.
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