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Oil prices surged above $1 a barrel on Tuesday, driven by expectations that OPEC+ will uphold current crude supply cuts at its upcoming 02 June 2024 meeting. Analysts and traders predict that the group will continue the voluntary production cuts of 2.2 million bpd.

Meanwhile, investors are set to closely watch the US core personal consumption expenditures (PCE) price index, a primary inflation measure for the Federal Reserve, which is due on Friday.

Brent futures increased $1.12 or 1.4%, settling at $84.22/barrel.

WTI climbed $2.11 or 2.7%, settling at $79.83/barrel from Friday’s close, after trading on Monday's US Memorial Day holiday without a settlement.

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