Oil futures climbed Tuesday to mark the highest finish in almost a week, after a closely followed monthly OPEC report showed that members of the cartel substantially reduced production in January.
Prices, however, settled below the day's loftiest levels as a monthly U.S. Energy Information Administration report released Tuesday revealed higher U.S. crude production forecasts for 2019 and 2020. The report also included higher WTI and Brent forecasts for this year, but reduced the 2020 price views for both benchmarks by more than 4%.
U.S. benchmark March West Texas Intermediate crude oil added 69 cents, or 1.3%, to settle at $53.10 a barrel on the New York Mercantile Exchange. April Brent crude the international benchmark, gained 91 cents, or 1.5%, to end at $62.42 a barrel on ICE Futures Europe, following a decline of 1% on Monday. Both front-month benchmarks settled at their highest since Feb. 6, FactSet data show.
Source : Marketwatch