Oil Rises as Market Weighs Supply Cuts Against Gloomy Economic Outlook

An aerial view shows Shibushi National Petroleum Stockpiling Base in Kagoshima prefecture, Japan, on Jan. 18, 2019. Kyodo/via Reuters

LONDON—Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook.

Brent crude futures were up 85 cents, or 1.1 percent, to $75.50 a barrel at 0950 GMT. U.S. West Texas Intermediate crude was at $70.61 a barrel, up 82 cents, or 1.2 percent.