Rising oil prices thanks to discussions on the increase in OPEC cuts and persistent concerns about demand

LONDON / NEW YORK (Reuters) – Oil prices rose on Tuesday, with expectations that major producers increasing their output cuts will be held back by lingering worries about global demand and rising US output.
Brent futures rose 8 cents, or 0.14%, to $ 58.65 per barrel at 10:32 am GMT.
The benchmark has lost more than 20% since its highest level reached since the beginning of this year in April.
West Texas Intermediate (WTI) crude futures prices in the US were $ 55.02 per barrel, up 9 cents or 0.1%.
Saudi Arabia, the largest oil producer of the Organization of Petroleum Exporting Countries (OPEC), announced last week its intention to maintain its crude oil exports below 7 million barrels a day in August and August. next September to help liquidate global oil stocks.
Saudi Arabia's plan to launch its national oil company, Aramco, into what could be the largest initial public offering in the world, gives the kingdom a new boost to boost prices.
"With information that Saudi Aramco is considering an IPO again, the idea that Saudi Arabia is very interested in high oil prices and consequently by the reduction in production is benefiting." Support, "said consulting firm JBC Energy, based in Vienna.
OPEC and its allies, the OPEC + group, have agreed to reduce their oil production by 1.2 million barrels per day since 1 January.
The growing trade war between the United States and China, the world's two largest economies and energy consumers, is putting pressure on oil prices in recent months.
A significant increase in shale oil production in the United States continues to discourage efforts to reduce the glut of global supply and negatively impact prices.
Oil production from the seven major rock formations in the United States is expected to increase 85,000 b / d in September to a record 8.77 million b / d, the Energy Information Administration reported in its monthly report. .
The largest change is expected in the Permian Basin, Texas and New Mexico, where production is expected to rise from 75,000 barrels per day to 4.42 million barrels per day, its highest level of any time.
Production in the Bakan Basin, which is expanding in North Dakota and Montana, is expected to increase by 3,000 barrels a day to a record 1.44 million barrels per day.
The increase in production at Permian and Bakan is at the forefront of the shale oil boom that has allowed the United States to become the world's largest oil producer, ahead of Saudi Arabia and Russia.
EIA said production in the Newberara Basin, which is expanding in Wyoming and Colorado, is expected to increase 12,000 bpd to a record 758,000 bpd.