Oil Prices Rise Due to “OPEC +” Cuts, Traders Focus on Economic Data

Crude Oil prices rose today, Tuesday, to compensate for some of the losses of the previous session, with dealers focusing on Saudi Arabia and Russia cutting production and anticipating economic data that may help confirm the demand for crude.

Brent crude futures rose 33 cents, or 0.4%, to $78 a barrel by 0050 GMT, and US West Texas Intermediate crude rose 35 cents, or 0.5%, to $73.34.

And prices fell 1% yesterday, Monday, amid expectations of an increase in the possibility of raising US interest rates, and with investors reaping profits, according to "Reuters."

Fed officials said the bank will likely need to raise interest rates further to bring down inflation.

Supply cuts from the world's two largest oil exporters, Saudi Arabia and Russia, scheduled for August helped lift record prices, which were also supported by the dollar's drop to a two-month low.