Oil edges above $62 as OPEC cuts counter growth concerns

LONDON (Reuters) — Oil rose further above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand. Russia said on Monday it might support an extension of OPEC-led supply cuts that have been in place since January, while equities rose after China eased financing rules to stem an economic downturn, giving oil a lift. Brent crude, the global benchmark, rose 33 cents to $62.62 a barrel at 1313 GMT. U.S. West Texas Intermediate was up 45 cents at $53.71.

“Prices are finding support from the prospect of OPEC oil production remaining restricted beyond mid-year,” said Carsten Fritsch, an analyst at Commerzbank. Still, the price of Brent is down almost 20% from its 2019 peak above $75 a barrel in April, pressured by an economic downturn that has started to impact oil demand.