Oil prices extend rally

Oil prices rose around 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains for a market thrown out of kilter by weak demand during the coronavirus pandemic.

Brent crude was up 48 cents, or 0.9%, at $56.83 a barrel by 0754 GMT, its third straight day of gains. U.S. oil gained 52 cents, or 1%, to $54.07. Both contracts rose more than 2% in the previous session.

OPEC crude production rose for a seventh month in January but the increase was smaller than expected, a Reuters survey found.

Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.

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