The highest level of US oil in 3 years
Economy News _ Baghdad
Oil prices rose on Tuesday evening, with US crude hitting its highest level since December 2014, supported by OPEC-led production cuts and expectations of US crude stocks falling for a week in a row.
US benchmark WTI ended the session at $ 1.23, or 2 percent, at $ 62.96 a barrel, after touching a record high of $ 63.24 since December 2014.
Brent crude futures closed up $ 1.04, or 1.5 percent, at $ 68.82 a barrel, after jumping to $ 69.08, the highest since May 2015.
This is the highest closing level for the benchmark crude contracts since December 2014.
Markets are looking for the latest data on US oil inventories, to be released by the US Petroleum Institute later today, and by the Energy Information Administration on Wednesday.
It is expected to show that stocks fell last week by 3.9 million barrels, the eighth consecutive weekly decline.