Oil futures rose on Tuesday, adding to gains of more than 11 per cent in the prior two sessions as BP announced a cut in capital expenditure for 2015. BP announced it would cut capital expenditure by 13 per cent to $20 billion in 2015. Last week, Chevron announced a 13 per cent cut in capital expenditure to $35 billion.
Brent crude oil futures were up $1.90 cents at $56.65 a barrel as of 0934 GMT. US WTI futures were at $51.08 a barrel, up $1.51 cents.
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