Oil prices extended their climb to multimonth highs in Tuesday action, buoyed further by expectations major global producers outside the U.S. will keep a lid on output.
U.S.-traded prices on Monday scored their highest finish since November, as OPEC and its allies looked set to continue their crude production cuts until June.
Early Tuesday, April West Texas Intermediate crude added 38 cents, or 0.6%, to $59.47 a barrel. The contract settled at $59.09 Monday on the New York Mercantile Exchange — the highest finish since Nov. 12, according to Dow Jones Market Data. WTI tallied a weekly gain of about 4.4% based on the most-active contracts last week.
May Brent crude added 56 cents, or 0.8%, to $68.10 a barrel on ICE Futures Europe. The contract rose 2.2% for last week.
Source : Marketwatch