Oil climbs as producers commit to production curbs

Oil prices climbed nearly 1% on Tuesday after major producers showed commitment to slashing output, supporting a market plagued by weak demand amid the coronavirus pandemic.

Brent crude rose 0.9%, or 51 cents, at $56.86 per barrel. U.S. oil was up 1%, or 53 cents, at $54.08 per barrel. Both benchmarks gained over 2% in the last session.

OPEC oil production rose for a seventh straight month in January after the group agreed to ease supply cuts further. However, the growth was less than expected.

OPEC+ pumped 25.75 million bpd in January, up 160,000 bpd from December. Russian oil and gas condensate output climbed by 120,000 bpd to 10.16 million bpd in month-on-month in January. Kazakhstan slashed its oil output by 2% month-on-month in January due to power outages.