Oil prices held onto most of their overnight gains on Tuesday after the OPEC+ producer grouping said members were almost fully complying with agreed output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant
U.S. crude was down 26 cents, or 0.6%, at $42.63 a barrel, having risen 2.1% in the previous session. The Organization of the Petroleum Exporting Countries and allies known as OPEC+ in August cut their agreed output to 7.7 million barrels per day from 9.7 million bpd previously. Japan, the world’s third-biggest economy is likely to contract more than previously expected due to the pandemic, analysts said.
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