Oil rose to around $66 a barrel on Tuesday as the market balanced OPEC-led efforts to tighten supply with the restart of Libya’s biggest oilfield and the prospect of weaker demand.
Supply curbs by the Organization of the Petroleum Exporting Countries and allies have helped to drive a 20 percent gain for Brent crude this year. Russia plans to speed up its output cuts this month, the energy minister said on Monday.
Brent, the international benchmark, rose 41 cents to $66.08 a barrel as of 1406 GMT. U.S. West Texas Intermediate crude added 25 cents to $56.84.