Oil prices climbed on Tuesday as the oil markets began to believe the narrative that oil could tighten in the second half of the year. Brent crude oil climbed above $79 per barrel on Tuesday, the highest price in months for the international oil benchmark, although still off last year's prices by about $20 per barrel.
WTI prices reached $74.52 per barrel on Tuesday, an increase of $1.60 (+2.19%) per barrel. Last week, Saudi Arabia announced that it was extending its 1 million bpd production cut into the month of August. It originally had voluntarily…Brent Breaches $79 On OPEC's Production Cut Pledges
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