Oil climbs as suppliers stick to output cuts, coronavirus lockdowns ease

Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world.

US West Texas Intermediate (WTI) crude futures gained 2.3 percent, or 75 cents, to US$34.00 as of 0057 GMT (8.57am Malaysia time). There was no WTI settlement on Monday because of the US Memorial Day holiday.