Oil prices were up on Tuesday as Saudi Arabia is planning to make deeper cuts in its crude production level to support prices.
International benchmark Brent crude was trading at $29.88 per barrel at 0647 GMT for a 0.84% increase after closing Monday at $29.63 a barrel.
American benchmark West Texas Intermediate (WTI) was at $24.56 a barrel at the same time for a 1.74% gain after ending the previous day at $24.14 per barrel.
Saudi Arabia said it would cut its oil production by an additional 1 million barrels per day (bpd) starting in June to 7.5 million bpd, from 8.5 million bpd that was previously agreed as part of the OPEC+ deal in April.
This would see the world's largest crude exporter's output decline by 4.8 million bpd, or around 40%, from the level in April when it was approximately 12.3 million bpd.
Despite the output cuts by Saudi Arabia, Russia and other OPEC+ oil producing countries, crude prices continue to remain low due to coronavirus-related weak oil demand around the world.
By Ovunc Kutlu