Investing.com - Crude oil prices remained supported near multi-year highs on Tuesday, still boosted by a decline in U.S. oil rigs and supply cuts by major oil producers.
The U.S. West Texas Intermediate crude February contract was up 32 cents or about 0.52% at $62.05 a barrel by 04:00 a.m. ET (08:00 GMT), just off the previous session's two-and-a-half year high of $62.55.
Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London gained 23 cents or about 0.35% to $68.00 a barrel, not far from last week's nearly three-year peak of $68.27.
Oil prices were boosted after Baker Hughes on Friday reported a decline by five to 742 in the number of U.S. rigs in the week to January 5.
The commodity also continues to benefit from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
However, concerns over rising U.S. oil production continued to linger, especially following reports hits week that U.S. production is expected to exceed 10 million barrels per day (bpd) very soon.
Elsewhere, gasoline futures rose 0.22% at $1.802 a gallon, while natural gas futures gained 2.36% to $2.902 per million British thermal units.