Crude oil turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue OPEC cuts for an additional six months.
Oil futures have been pinned in a range, supported by production cuts from OPEC and other states but capped by rising U.S. shale oil production.
The market turned positive after reports that Saudi Arabia told OPEC officials it wants to extend production cuts enacted in January for another six months when the group meets in May, according to the Wall Street Journal. OPEC members have previously said they lean toward oil cut extensions, so long as non-members are also involved.
U.S. West Texas Intermediate (WTI) rose by 32 cents to $53.40 a barrel after touching a five-week high of $53.37.
Brent crude, the international benchmark for oil, was up 19 cents from its previous close at $55.93 per barrel. Earlier in the session, Brent had climbed to its highest since March 7 at $56.16.