Brent Crude, WTI inched upward on Tuesday


Oil rose on Tuesday to a price level of over 64 dollars a barrel, as OPEC supply cuts and Middle East tensions builds , as well as the U.S.-China trade dispute impacting the global economy.

OPEC and its allies last week agreed to extend their supply-cutting deal until March 2020, which has impacted on Brent, rising to almost 20 percent in 2019.

Brent crude, the global benchmark, rose 38 cents to 64 dollars 49 cents a barrel while U.S. West Texas Intermediate crude was up 20 cents to 57 dollars 86 cents a barrel.

Tamas Varga, an analyst with PVM has said that OPEC and its allies are doing their best to support the market, while noting that Oil prices are to hold up reasonably well during coming months or at least they are not to fall out of bed.