Oil firm as supply cuts point to tighter market despite weakening economy

Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.

Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close.