2019.03.1206:54:00UTC+00Oil Prices Rally Amid OPEC Supply Cuts

Oil prices jumped around 1 percent Tuesday on the back of a rally in global equities and renewed optimism over output cuts led by producer group OPEC.

Global benchmark Brent crude climbed 1.1 percent to $67.30 per barrel despite analysts warning of increasing risks to global growth. U.S. crude oil futures were up nearly 1 percent at $57.35 per barrel.

Oil market sentiment remains underpinned by signs of tightening supply, with Saudi Arabia saying it would extend deep supply curbs.

Traders also pointed to a sweeping blackout last week in Venezuela, which threatens to cut off oil exports from the country.

Venezuela's opposition-run congress on Monday declared a "state of alarm" to pave the way for the delivery of international aid after the crisis in the country took a rapid and catastrophic turn.

Meanwhile, the International Energy Agency said in a report on Monday that there is no peak in oil demand, thanks to strong growth of petrochemicals and jet fuel in the U.S. and Asia.

The U.S. will drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country's already booming output, it said.