Oil prices climb on Tuesday

Oil prices climbed on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 1.3%, or 50 cents, to $38.69 a barrel at 0134 GMT.

Brent crude futures rose 1.4%, or 56 cents, to $41.36 a barrel.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th Ministerial Meeting, chaired by Saudi Energy Minister Prince Abdulaziz Bin Salman, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day (mbpd) in May and June.