Oil prices rise on supply cuts

London, Jan 15 (Reuters): Oil prices rose on Tuesday amid supply cuts by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.

Brent crude oil futures LCOc1 were at $59.47 per barrel at 0950 GMT, up 48 cents, or 0.81 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were at $50.92 per barrel, also up 0.81 per cent, or 41 cents.

"OPEC-led cuts and declining US rig counts have bolstered market sentiment in the new year," Singapore-based brokerage Phillip Futures said.

The Middle East-dominated Organisation of the Petroleum Exporting Countries and allies including the world's number two producer Russia agreed in late 2018 to cut supply to rein in a global glut.

In the United States, the number of rigs looking for new oil production has dropped from a 2018 peak of 888 to a still-high 873 in early 2019.