Oil edges higher on support from OPEC+ supply cuts.

Oil prices rose on Tuesday after Russia announced support for the market.

Russian energy minister, Alexander Novak, said they would continue cooperating with the Organization of the Petroleum Export Countries (OPEC) on supporting the market through supply cuts.

OPEC, Russia, and other producers have come together to reduce production and support prices. Novak said Russia will continue their cooperation as long as it is "effective and brings results."

In November, OPEC and other producers agreed to extend and deepen output cuts of as much as 2.1 million bpd.

US producers have been meeting the deficit in the market by pumping larger amounts of crude, reaching a record high of around 13mn bpd in November.
Brent crude Feb 20 futures are trading at $66.53/bbl.

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