Oil rises slightly ahead of OPEC+ meeting

CNBC | Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States.


Brent crude futures gained 18 cents, or 0.42%, to settle at $42.90 per barrel, after moving lower earlier in the session. West Texas Intermediate crude futures settled 19 cents, or 0.47%, higher at $40.29 per barrel.


The Organization of the Petroleum Exporting Countries and its allies led by Russia, collectively known as OPEC+, have delivered compliance of 107% with their agreed oil output cuts in June, an OPEC+ source said on Tuesday.


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