OPEC seen laying basis for higher oil prices

OPEC oil producers are gradually succeeding in tightening the market and oil prices are likely to respond by rallying later this year, oil analysts and economists said on Tuesday.

Cuts in oil production by members of the Organization of the Petroleum Exporting Countries have already begun to provide a floor for prices, which tumbled from highs of almost $150 a barrel in July last year to lows below $35 barrel in December.
Reuters