Oil Prices Rise As Supply Shrinks

Oil prices rose early on Tuesday as market participants believed that improving demand and more supply coming off would ease the glut faster than expected. As of 10:37 a.m. EDT on Tuesday, WTI Crude was up 2.44 percent at $34.08, and Brent Crude was trading at $35.77, up by 0.90 percent on the day. By afternoon, prices had slipped back, with Brent trading down on the day at $35.49. The more bullish market sentiment of the past few weeks has been supported by the production cuts from the OPEC+ group and from economics-driven…