Energy

Oil jumps 2% on signs of output cuts and demand hopes

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A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.

Dado Galdieri | Bloomberg | Getty Images

Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic.

The front-month contract for West Texas Intermediate crude, which is set to expire on Tuesday, gained 68 cents, or 2.14%, to settle at $32.50 per barrel. The July contract, which was trading at vastly higher volumes, traded slightly higher at $31.89 per barrel. International benchmark Brent crude shed 16 cents, or 0.46%, to settle at…



Source cnbc.com

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