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Oil surges on Opec supply cuts, but US production is holding back
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Oil prices rose on Tuesday, supported by strong demand and OPEC-led output cuts, but gains have limited continued US supply growth while analysts warn of risks to the global economy.
At 0636 GMT, US WTI crude futures were at $ 56.92 a barrel, up 13 cents, or 0.2 percent, from the latest settlement.
Brent crude was $ 66.65 a barrel, up 7 cents, or 0.1 percent.
Bank of America Merrill Lynch said that despite adverse economic factors, "we still expect Brent to average $ 70 a barrel this year and to linger behind West Texas to average $ 59 a barrel in 2019."
He added that this was due to factors including the demand for marine diesel expected from next year under the new rules of fuel from the International Maritime Organization.
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