Oil up, Mexico-US deal supportive

Oil prices climbed on Tuesday in Asia as US President Donald Trump’s decision to not impose tariffs on Mexican provided some residual support to the markets.

US Crude Oil WTI Futures were up 0.6% to $53.59, while international Brent Oil Futures gained 0.3% to $62.45.

All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (<a href=’https://staging.theenergyyear.com/companies-institutions/opec/’>OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.

Russia, the cartel’s main ally for price support, has yet to give a clear answer on production cuts, as Russian Energy Minister Alexander Novak said there was a “need to monitor (the) oil market to take a balanced decision in July”.

The OPEC+ managed to boost crude prices by more than 40% this year through late April through a deal to jointly cut at least 1.2 million barrels per day over a six-month period.

Trump’s decision to call off tariffs on Mexican goods after the two parties agreed on a migration deal also supported prices provided some continuing support to the oil market today.