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Oil continues to gain on expectations of strong demand and OPEC-led production cuts
Oil futures rose on Tuesday for a third session, buoyed by strong demand expectations, as OPEC ministers hailed the firmness of their deal to cut output, which aims to boost prices.
US crude futures for June delivery reached $ 65.66 a barrel, up 12 cents, or 0.18 percent.
US crude futures rose 15 cents, or 0.24 percent, to $ 62.72 a barrel.
The International Energy Agency (IEA) said on Monday that world oil demand is expected to grow over the next five years, while OPEC producers' supplies will increase at a much slower pace.
The International Energy Agency (IEA) comments on the increase in production came at the Syracuse Conference in Houston on Monday, preceded by comments by OPEC Secretary General Mohamed Barkindo describing the supply cut agreement with global producers as "rock-solid".
To bridge the gap between OPEC and global demand, the International Energy Agency says the United States will export much of its oil to meet demand as its oil production trend rises.
US oil production has increased to more than 10 million bpd, surpassing Saudi Arabia, the world's largest crude exporter. US production hit a record 10.057 million bpd in November, according to the US Department of Energy.
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