Oil prices were more than 1 percent on Tuesday on steep OPEC production cuts and Saudi Arabia's plan to drop March crude output by more than a half a million barrels per day below its pledge.
Rising investor optimism for a breakthrough in the latest round of U.S.-China trade discussions also boosted futures.
International benchmark Brent crude futures were up 81 cents, or 1.3 percent, at $62.32 a barrel around 2:30 p.m. ET. U.S. West Texas Intermediate crude oil futures ended Tuesday's session up 69 cents, or 1.3 percent, at $53.10 a barrel.
Production cuts implemented Jan. 1 by OPEC and allies led by Russia have tightened markets in the face of rising output in non-member countries, including the United States.