U.S. crude oil rose to its highest level in more than three years on Tuesday, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.
The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.
U.S. crude futures rose to $63.19 a barrel, their highest level since Dec. 10, 2014, when they hit $63.43. The contract ended Tuesday's session up $1.23, or 2 percent, at $62.96.
Brent crude, the international benchmark, touched $69.08, its highest level since May 2015.
"Oil prices remain on an upward trajectory," said Carsten Fritsch, analyst at Commerzbank.
"In view of sharply falling U.S. crude oil stocks and record-high compliance with the production cuts by OPEC, market participants are convinced that the market is continuing to tighten."