Oil rises as production curbs offset renewed demand fear

Oil rises as production curbs offset renewed demand fear

NEW YORK (Reuters) - Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns that a resurgence in coronavirus cases could hurt fuel demand.. West Texas Intermediate crude (WTI) rose 75 cents, or 2%, to end at $38.94 a barrel.. Fuel demand has recovered from April's collapse brought on by lockdowns to control the pandemic.. Analysts have said that the oil market's rapid surge to more than $40 a barrel may be banking an overly optimistic view of consumption.. Crude inventories rose by 8.4 million barrels in the week to June 5 to 539.4 million barrels, data from industry group the American Petroleum Institute showed on Tuesday..