Oil prices gained on Tuesday as market participants weighed risks to energy demand amid concerns over supplies.
The West Texas Intermediate for July delivery rose 0.51 U.S. dollar to settle at 59.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was up 1.42 dollars to close at 70.11 dollars a barrel on the London ICE Futures Exchange.
Oil prices continued to gain substantial support from the on-going efforts of supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
OPEC and other major oil producers, including Russia, pledged in December to cut production by 1.2 million barrels per day in order to prop up prices, effective from this January.
Traders were looking ahead to the next meeting by those countries to see whether their production pact will be extended, experts noted.
Meanwhile, investors were worried that prolonged global trade spat would slow economy, denting the demand for fuel.
Editor:Cherie
