After OPEC released what seems to be an increase on its output for the month of May and Saudi Arabia pledged to cut exports, the price of oil jumped on Tuesday.
Prices were pulled up at the beginning of Tuesday’s session following the news that oil kingpin Saudi Arabia planned its reduction to consumers for July; this includes a cut as much as 300,000 barrel per day to Asia.
However, futures submitted to gains after the release of OPEC’s May report showing production rose more than 336,000 barrels per day this month. This was driven by the recouping of Libya and Nigeria which are not included from the reductions. The report also suggested the market was stabilizing slowly.
Looking at prices, international benchmark Brent crude futures added 36 cents, and trades at $48.65 a barrel, while U.S. crude jumped 38 cents to finish at $46.46 a barrel.
Markets in the United States finished Tuesday’s session higher. Stocks from large companies returned from its two-day slump since December 2015.
The Nasdaq composite advanced by 0.7 percent at 6,220.37, with Google-parent Alphabet, Tesla and Apple as its best performers. The Dow Jones industrial average added 90 points at 21,328.47 to hit closing records, Goldman Sachs and 3M were the leading advancers. The S&P 500 was 0.45 percent higher at 2,440.35, with materials and information technology the most gains.
Stocks from the technology sectors have been performing well this 2017, with the S&P rising more than 17.6 percent from its tech companies.