ISLAMABAD: Oil futures edged higher on Tuesday, after the latest data showed that OPEC+ is cutting crude output in line with its commitments. The implementation of the output curbs among the OPEC members was at 103 percent, while it reached 93 percent for non-OPEC partners, including Russia and Kazakhstan, last month, according to preliminary compliance data. Moreover, Saudi Arabia’s unilateral production cut of 1 million barrels a day started on Monday. At 1445 hours GMT, Brent, the global benchmark for two-thirds of the world’s oil, went up by 2.56 percent to $57.79 per barrel, whereas US crude gauge West Texas Intermediate (WTI) increased by 2.71 percent to $55 per barrel. The price for Opec Basket was recorded at $54.41 a barrel with 0.09 percent increase, Arab Light was available at $57.05 a barrel after an increase of 2.72 percent while price of Russian Urals remained unchanged at $42.22 a barrel. TLTP
