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Higher oil prices amid expectations of improved market under OPEC-led cuts
Oil prices rose on Wednesday after jumping nearly 3 percent in the previous session as expectations that OPEC-led production cuts had improved market fundamentals had eased the impact of the global economic slowdown.
US crude futures for July delivery reached $ 60.83 a barrel, up 19 cents, or 0.3 percent, from the previous close.
US West Texas Intermediate crude futures rose 10 cents, or 0.2 percent, from the previous settlement price of $ 52.21 a barrel.
"The oil market seems to be looking at Saudi Arabia's strong cuts in China's active supply and stimulus," said Jonathan Barath, investment manager at Propys Securities in Sydney.
But signs of a growing economic slowdown elsewhere in the world prevented oil prices from rising on Wednesday.
The outlook for the global economy grew bleak when British lawmakers on Tuesday rejected British Prime Minister Teresa Mae's agreement to leave the European Union.
Oil markets are supported by production cuts, which began late last year under the leadership of the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a major non-OPEC producer.
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