By: Mahmoud Gamal
Mubasher: Oil prices rose on Tuesday after oil producers assured their commitment towards the oil cut agreement, led by Saudi Arabia.
By 03:20 GMT, Brent crude oil futures added 0.46% or 27 cents to $57.08 per barrel, while US crude rose 0.52% or 29 cents to $54 per barrel.
Saudi government asserted the importance of cooperation between oil producers and commitment to implement the production cut deal reached last November, according to news agency SPA.
On 30 November, OPEC agreed to cut its own production by 1.2 million barrels daily as of next January, while Russia and Non-OPEC producers agreed on reducing the production by half.
The probability of application of the production cut deal will lead to a rise in the expectations of Brent crude to $60 and West Texas Intermediate (WTI) to $58 per barrel for the second quarter of the year, technical analyst, Zamil Al Otaiby, told Mubasher.
Translated by: Sara Ghali
