WASHINGTON (dpa-AFX) - Oil futures climbed to near 7-week highs on Tuesday amid expectations high summer demand for the commodity and continued production cuts by OPEC and allies.
It is widely expected global oil demand will continue to rise due to higher summer demand and hot weather in Asia.
On the supply side, there are expectations that OPEC+ might reconsider plans to increase oil supplies in the latter part of the year.
West Texas Intermediate Crude oil futures for July ended up by $1.24 or about 1.54% at $81.57 a barrel, the highest settlement in nearly seven weeks.
Brent crude futures moved up $1.08 or 1.28% to $85.33 a barrel.
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
The API report is due later today, while EIA is scheduled to release its weekly inventory data Wednesday morning.
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