Oil prices rise as producers commit to output restraint

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

Brent crude was up 51 cents, or 0.9%, at $56.86 a barrel by 0134 GMT, while U.S. oil gained 53 cents, or 1%, to $54.08 a barrel. Both contracts rose more than 2% in the previous session.

Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.

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