Oil is rising thanks to the rise in financial markets and expectations of extended production cuts
Oil prices rose on the back of rising financial markets and were supported by expectations that OPEC and its allies would stay on tight supply.
London Brent crude for July delivery was up 42 cents, or 0.7 percent, from Monday's close.
US West Texas Intermediate crude futures were $ 53.85 a barrel, up 59 cents, or 1.1 percent, from the previous settlement price.
Prices fell about 1 percent in the previous session and crude futures fell about 20 percent from their 2019 peaks in late April, down by a broad economic downturn that began to affect oil consumption.
Traders said crude futures rose today as financial markets rallied in general and Beijing eased funding rules to stop the economy from falling.
On the production side, Russia said on Monday it may support an extension of supply cuts in force since January, warning that oil prices could drop to $ 30 a barrel if producers pump too much oil.