Oil prices rise amid broad market rally, OPEC supply cut


Updated 16 sec ago
REUTERS
March 12, 201900:55
Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exportin Countries (OPEC) and non-affiliated allies like Russia aimed at tightening market
SINGAPORE: Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.
A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.
US West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement.
Brent crude futures were at $66.75 per barrel, up 17 cents, or 0.3 percent.
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