Brent Breaches $79 On OPEC's Production Cut Pledges

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…