Oil rose above $64 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that is dragging on the global economy and oil demand.
OPEC and its allies last week agreed to extend their supply-cutting deal until March 2020. Brent has risen almost 20 percent in 2019 supported by the pact and also tensions in the Middle East, especially concerns about Iran’s nuclear program.
Brent crude the global benchmark, rose 38 cents to $64.49 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 20 cents to $57.86.
“OPEC and its allies are doing their best to support the market,” said Tamas Varga, an analyst with PVM.