By: Mahmoud Gamal

Mubasher: Oil prices rose on Tuesday amid production cuts announced by OPEC and other producers, despite a rise in US production.

International benchmark Brent crude futures rose 0.53% or 29 cents to reach $55.52 by 4:12am GMT.

US West Texas Intermediate (WTI) crude oil went up 0.51% or 27 cents to reach $53.02.

Oil prices fell on Monday due to fears that an increase in US drilling activity may lead to supply glut again, commodity analyst Zamel Alotaibi said.

Recent meeting of OPEC’s monitoring committee is a good signal that oil prices may return to the level of $60 per barrel by the first half of 2017, Alotaibi added.

Investors anticipate the American Petroleum Institute’s (API) weekly report on oil inventories, and the Energy Information Administration's (EIA) oil stocks data.

Translated by: Julian Nabil