Oil prices rose on Tuesday, as OPEC’s de facto leader Saudi Arabia appeared to deepen the group’s supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in U.S. supply and worries over the global economy. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $57.08 per barrel at 0746 GMT, up 29 cents, or 0.5 percent, from their last settlement. Brent crude futures LCOc1 were at $66.82 per barrel, up 24 cents, or 0.4 percent. Bank of America Merrill Lynch said despite economic headwinds “we still see Brent prices averaging $70 per barrel this year and expect WTI to lag, averaging $59 per barrel in 2019.” Oil prices have been receiving broad support this year from supply cuts by […]