Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy, APA-Economics reports citing Nasdaq.
Brent crude LCOc1 futures were up 41 cents, or 0.5%, to $85.34 a barrel by 0400 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were trading at $80.83 a barrel, up 41 cents, or 0.5%.
Both benchmarks jumped more than 6% on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, rocked markets with Sunday's announcement of plans to lower output targets by a further 1.16 million barrels per day (bpd).
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
