Oil Prices Rise Supported by Production Cuts

Oil prices rose in early trading on Tuesday, boosted by supply concerns caused by production cuts from Saudi Arabia and Russia. Brent crude futures increased by 37 cents, or 0.4%, to $85.71 per barrel by 00:10 GMT. U.S. West Texas Intermediate (WTI) crude recorded $82.37 per barrel, up 43 cents or 0.5%. Both contracts closed down about 1% in the previous session as investors brace for weak demand from the world's two largest economies, China and the United States. CMC Markets analyst Tina Teng noted in a memo that "Saudi and Russian production cuts could continue to be a source of optimism in the oil markets."