WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Tuesday, extending gains to a fourth straight session.
The decision of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to cut crude production by an additional 1.16 million barrels from May till the end of this year, continued to support oil prices.
West Texas Intermediate Crude oil futures for May ended higher by $0.29 or about 0.4% at $80.71 a barrel, the highest level since January.
Saudi Arabia and other OPEC+ oil producers agreed on Sunday to cut oil output by around 1.16 million barrels per day, claiming the move was a precautionary measure aimed at supporting the stability of the oil market.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of this year, and to $100 for 2024.
Investors now await weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's data is due later today, while EIA will release its inventory data Wednesday morning.
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