London — Oil prices rose on Tuesday, lifted by healthy world economic growth prospects and production curbs by oil cartel Opec, Russia and their allies. Brent crude futures were up 28c at $69.31 a barrel at 10.18am GMT, not far off the three-year high of $70.37 reached on January 15. US West Texas Intermediate (WTI) crude futures rose 33c to $63.90 a barrel. WTI reached its highest since December 2014 on Jan. 16 at $64.89. On Monday, the International Monetary Fund (IMF) revised its forecast upwards for world economic growth to 3.9% for both 2018 and 2019, a 0.2 percentage point increase from its last update in October. "The IMF’s upwards revision of its growth forecast is generating tailwind," Commerzbank analysts said. "This further improves the already fairly rosy demand prospects on the oil market." The demand growth comes at a time of supply curbs by Opec, Russia and other producers, which began in January 2017 and which are due to run until the end of 2018. "The outlook for 20...
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