Oil Climbs as Tight Supply Moves Back Into Focus

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic, Overlook in Culver City, Calif., on March 10, 2022. Bing Guan/Reuters

LONDON—Oil rose $1 a barrel on Tuesday as tight supply moved back into focus as a result of Saudi Arabia floating the idea of OPEC+ output cuts to support prices and the prospect of a drop in U.S. crude inventories.

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg in an interview.