SINGAPORE - Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. U.S. West Texas Intermediate (WTI) crude futures added 24 cents, or 0.5 percent, by 0305 GMT, but remained below the $50 mark pierced late last week, at $49.47 a barrel. Brent crude rose 26 cents, or 0.5 percent, to $51.86 per barrel. Traders said the gains were a counter-reaction to consecutive price drops in the previous six sessions.
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SINGAPORE - Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. U.S. West Texas Intermediate (WTI) crude futures added 24 cents, or 0.5 percent, by 0305 GMT, but remained below the $50 mark pierced late last week, at $49.47 a barrel. Brent crude rose 26 cents, or 0.5 percent, to $51.86 per barrel. Traders said the gains were a counter-reaction to consecutive price drops in the previous six sessions.
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