Oil prices rise on Tuesday

Oil prices rose on Tuesday. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to $22.06 per barrel and were up 6.5%, or $1.33, at $21.72 at 0454 GMT.

Brent crude futures hit a high of $28.57 a barrel and were up 4.8%, or $1.31, at $28.51.

On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million barrels per day (bpd) for two months, Argaam reported. Major oil producers, including Saudi Arabia and Russia, were set to begin cutting production on May 1.

OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.