Crude oil prices continued to rally Tuesday, having jumped more than 30 percent in the past eleven sessions.
Saudi Arabia is on board with a plan to freeze output at January levels, meaning a global supply glut is unlikely to get much worse.
April WTI oil gains 65 cents, or 1.9%, to settle at $34.40/bbl. With the gain, oil moved further from a recent 13-year low near $26.
Upbeat US economic data helped fuel today’s advance.
The Institute for Supply Management showing a bigger than expected increase by its index of manufacturing activity in February.
The ISM said its purchasing managers index rose to 49.5 in February from 48.2 in January, but a reading below 50 continues to indicate a contraction in manufacturing activity.
The material has been provided by InstaForex Company – www.instaforex.com