Oil prices rose in early trade on Tuesday. Brent crude futures gained 35 cents, or 0.8%, to $43.76 a barrel, while US West Texas Intermediate (WTI) crude futures climbed 27 cents, or 0.7%, to $41.87 a barrel.

 

OPEC and allies agreed recently to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.

 

In addition, OPEC said in its monthly report that global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021

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