Oil prices rose on Tuesday, with benchmark Brent crude hitting $70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.
U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's trade up 90 cents, or 1.4 percent, to $64.47 a barrel. WTI rose to its highest since December 2014 on Jan. 16 at $64.89.
Brent crude futures were up 82 cents, or 1.2 percent, at $69.85 a barrel by 2:23 p.m. ET, not far off the three-year high of $70.37 reached on Jan. 15.
The International Monetary Fund (IMF) on Monday revised upward its forecast for world economic growth in 2018 and 2019, to 3.9 percent for both 2018 and 2019, a 0.2 percentage point increase from its last update in October.
"The IMF's upward revision of its growth forecast is generating tailwind," Commerzbank analysts wrote. "This further improves the already fairly rosy demand prospects on the oil market."