Mubasher: Oil prices rose on Tuesday, hitting their highest peak since nearly six weeks, amid hopes that world’s major producers would agree to roll over the supply restraints to shore up markets, Reuters reported.

By 8:08 am GMT, US Nymex crude futures went up by 0.09% to $57.90 per barrel (pb), while global benchmark Brent futures inched up by 0.05% to $62.62 pb.

Earlier in the session, US and global futures hit their highest levels since 31 July and 1 August, respectively.

Nymex advanced more than 2% on Monday, while Brent settled 1.7% higher, amid the news that Saudi Arabia named Prince Abdulaziz bin Salman as its energy minister on Sunday.

The new energy minister, who has been a member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), stated that the pillars of Riyadh’s oil policy would not change, while a supply-cutting deal would be kept in place.

The producer club and non-affiliated producers, including Russia, an alliance known as OPEC+ which Prince Abdulaziz said it would be maintained, have been withholding 1.2 million barrels per day (bpd) of their supplies.

However, headwinds for the commodity remained as the US-China trade conflict continued.

At the annual Asia Pacific Petroleum Conference, executives expected oil prices this year to fall unde3r the pressure of uncertainties over the health of global economy, the bitter trade war between the world’s top two economies and surging US crude production.

“Markets will need to see concrete progress on the production front, even as the world’s economy slows, to sustain gains,” OANDA senior market analyst Jeffrey Halley was quoted by Reuters.