Oil prices rose on Tuesday against a background of Saudi Arabian production cuts and efforts by China to boost its indebted property sector.
Brent crude, the international benchmark, climbed 0.5 per cent to $78.04 while US marker West Texas Intermediate rose 0.5 per cent to $73.38.
China, an important source of crude demand, on Monday extended support measures to its indebted property sector, raising hopes for further stimulus. However, China’s faltering economic recovery has weighed on prices.
Saudi Arabia said last week it would extend a cut of 1mn barrels a day to at least August, while Russia said it would also cut by 500,000 b/d next month.
