Oil producers agree on slight increase

The world's major oil producers have agreed on a slight output increase on the back of market improvement.

Russia, OPEC members and other producers held an online conference on Monday and Tuesday.

They agreed to allow Russia and Kazakhstan to boost production in February and March.

Oil prices have been rising since November on expectations that coronavirus vaccines will help revive economic activities.

The US benchmark WTI futures rebounded to 50 dollars a barrel on Tuesday for the first time since February last year. But oil producers remain cautious about future demand.

Saudi Arabia agreed to further cut output in order to bolster crude oil prices.

Countries have been curbing output to prop up prices since May last year.

Crude prices plunged due to sluggish global demand stemming from the pandemic.