UK: Oil prices extend rally as producers restrain output
LONDON (Reuters) - Oil prices rose more than 2% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains in a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up $1.30, or 2.3%, at $57.65 a barrel by 1150 GMT, its third straight day of gains. U.S. oil gained $1.25, also 2.3%, to $54.80. Both contracts rose more than 2% in the previous session.