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Oil at its highest level since October 2014
Oil prices rose in Tuesday trading to their highest level since October 2014, drawing support from OPEC's announcement of a deflation of global crude supply and a drop in global inventories for the second month in a row.
The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Monday that it was ready to intervene to ease any potential market shortages with other producers due to recent geopolitical developments regarding the US withdrawal from the Iranian nuclear deal.
Brent crude for July delivery rose 0.09 percent, or 7 cents, to $ 78.3 a barrel by 04:48 GMT.
US crude futures for June delivery rose 0.06 percent, or 4 cents, to $ 71 a barrel.
Markets are looking forward later today, the US Petroleum Institute announced its estimates of US oil inventories last week, while official data will be released Wednesday by the US Energy Information Administration.
The US Energy Information Administration (EIA) forecast in its report on Monday that oil production in the United States will rise to 7.18 million bpd in June.
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