London — Oil prices rose for a second day on Tuesday and volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the oil cartel Opec producer group next week. Crude remained in a tight trading range, in line with the broader financial markets, which were largely unruffled by a US-North Korea summit aimed at de-nuclearisation of the Korean peninsula. Brent crude futures were up 17c at $76.63 a barrel by 8.55am GMT, while US West Texas Intermediate (WTI) crude futures rose 11c to $66.21. "The market has been range-bound for two weeks and that is likely to remain the case," Ole Hansen, senior manager at Saxo Bank, said. Opec, together with partners including Russia, has cut oil output by 1.8-million barrels per day (bpd) since January 2017 in an effort to boost the market. Volatility in oil prices has subsided due to caution around the group’s meetings scheduled for June 22-23, at which it will decide on future supply policy. With US sanctions threa...
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