Oil prices rise amid broad market rally, OPEC supply cuts

SINGAPORE - Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.

U.S. West Texas Intermediate crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement.“, we still see Brent prices averaging $70 per barrel this year and expect WTI to lag, averaging $59 per barrel in 2019,” said Bank of America Merrill Lynch. Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia aimed at tightening markets.

The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday.

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