SINGAPORE : Oil price were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply as producers implement output cuts and strong demand in the United States, the world's biggest fuel consumer.
U.S. West Texas Intermediate crude was at $81.69 a barrel, down 0.1 per cent or 11 cents from the previous session's settlement, which was its highest since April 14. Analysts expect Saudi Arabia to extend its voluntary oil output cut of 1 million barrels per day for another month to include September to provide additional support for the market during a virtual meeting with other major producers set for Friday.
The Saudi Arabian cuts fell slightly short of the target, with output down by 860,000 bpd in July, while total production from OPEC was 840,000 bpd lower, a Reuters survey showed on Monday.