(VOVworld) – On Tuesday, the global oil price rose as investors monitored Russia’s plan to freeze oil output. Investors expressed optimism that this will help the oil market recover.

Russian President Vladimir Putin chairs a meeting with heads of Russia's oil companies at the Kremlin in Moscow, on Mar 1, 2016. (Photo: AFP)

Closing the trading session on Tuesday, at the New York Mercantile Exchange, WTI crude oil for April delivery rose to 34.40 USD per barrel. In London, Brent crude oil for May delivery closed up at 36.81 USD per barrel. The oil price increased after Russian President Vladimir Putin announced Russian oil groups would freeze oil output at a level agreed by Russia and Saudi Arabia last month to boost oil prices which had plunged to record low levels in recent months.