WASHINGTON (dpa-AFX) - Crude oil futures ended higher on Tuesday, extending gains to a third successive day, ahead of weekly crude inventory data.
Traders were betting on hopes crude tightening supplies and slightly fading concerns about global slowdown will push crude oil prices up.
Worries about global growth have faded a bit after data earlier this week showed an improvement in factory activity in the U.S. and China in the month of March.
West Texas Crude oil futures for May ended up $0.99, or 1.6%, at $62.58 a barrel, registering the highest settlement price since early November.
On Monday, crude oil futures for May settled at $61.59 a barrel, gaining $1.45, or 2.4%.
On Monday, there were reports in media that quoted a senior official from U.S. as saying the Trump administration may impose additional sanctions against Iran.
Reports about Venezuela halting operations at a key crude terminal due to a lack of electricity supply too contributed to the rise in crude oil prices.
Also, a report from Bloomberg on Monday said a survey found output from OPEC fell for a fourth month in April, declining by 295,000 barrels a day to 30.385 million, with Saudi Arabia continuing to curb output and Venezuelan production suffering as an economic and political crisis deepened.
Meanwhile, markets are looking ahead to weekly oil reports. While the American Petroleum Institute will release its report later in the day, the official data from U.S. Energy Information Administration is scheduled to be released on Wednesday morning.
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