Oil gains for fourth day

Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic.

Brent crude climbed 25 cents, or 0.7%, to $35.06 a barrel by 0629 GMT, after earlier touching its highest since April 9.

U.S. West Texas Intermediate crude was up 43 cents, or 1.4%, at $32.25 a barrel. It rose as high as $33.44 earlier in the session, hitting its highest since March 16, Reuters reported.

The market was boosted earlier by signs that output cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia, a group known as OPEC+, are being implemented on the ground.

OPEC+ has cut its oil exports sharply in the first half of May, companies that track shipments said, suggesting a strong start in complying with a new production cut agreement.

In further support for prices, U.S. production is also falling, with crude output from seven major shale formations expected to fall by a record 197,000 barrels per day in June to 7.822 million barrels per day. That would be the lowest since August 2018, according to the U.S. Energy Information Administration.