Oil futures held ground near multimonth highs on Tuesday with major global producers outside the U.S. expected to continue to keep a lid on output.

The U.S. benchmark, however, eased back to settle a few cents lower after finishing Monday at its highest since November as the Organization of the Petroleum Exporting Countries and its allies looked set to continue their crude production cuts until June.

April West Texas Intermediate crude fell by 6 cents, or 0.1%, to settle at $59.03 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. The April WTI contract expires at the end of Wednesday’s session.

May Brent crude climbed by 7 cents, or 0.1%, to $67.61 a barrel on ICE Futures Europe, the highest for a front-month contract since November.

Source : Market Watch