Singapore — Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. US West Texas Intermediate (WTI) crude futures added 24c, or 0.5%, by 3.05am GMT, but remained below the $50 mark pierced late last week, at $49.47 a barrel. Brent crude rose 26c, or 0.5%, to $51.86 a barrel. Traders said the gains were a counter-reaction to consecutive price drops in the previous six sessions. Despite Tuesday’s increases, market sentiment has turned bearish, with Brent down 10% since late 2016 despite efforts led by oil cartel Opec and Russia to cut output by 1.8-million barrels a day in the first half of 2017 in order to tighten the market. Given that oil supply remained at record highs despite the cuts, Stephen Schork of the Schork report said on Tuesday that "Opec has failed miserably in its endeavour to balance the oi...
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