Oil Update: Oil carries forward gains as Saudi Arabia renews its pledge on export cuts

Oil Prices continued its gains into Tuesday after Saudi Arabia called upon member countries on Monday to pledge the cuts and decrease exports in an effort to tackle flagging prices.

Global benchmark Brent crude for September delivery was up 28 cents at $48.88 a barrel by 0540 GMT after settling up 1.1 percent.

U.S. West Texas Intermediate (WTI) futures were up 28 cents at $46.62.

In a meeting at St. Petersburg, Russia, OPEC and non-OPEC members gathered to discuss the extension of cuts into the beyond the March, 2018 date set at last meeting.

Saudi Arabia pledged that it would limit its crude exports to 6.6 million bpd in August.

Regarding the exempt members, who have been constantly over supplying the market, Nigeria voluntarily agreed to cuts and bring down oil production.

OPEC said stocks held by industrial nations had fallen by 90 million barrels over January to June, but were still 250 million barrels above the five-year average, which is the target level for OPEC and non-OPEC.

China's crude imports will exceed 400 million tonnes (8 million bpd) this year and likely grow by double digits next year, whereas U.S. commercial crude oil inventories likely fell by 3 million barrels last week.