Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand.
Brent crude LCOc1 futures advanced 0.7%, or 22 cents, to $29.85 at 0650 GMT, after hitting an intraday high of $30.11 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 1.8%, or 44 cents, at $24.58 after touching an intraday high of $24.77.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.