WTI, Brent Crude Post Sixth Consecutive Gains on Tuesday

Crude oil futures finished higher on Tuesday, marking a sixth straight session gain as prices were buoyed by the possibility of extending OPEC’s production curb agreement, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, May West Texas Intermediate crude futures climbed 32 cents, or 0.6%, to settle at $53.40 a barrel.

On the London ICE Futures Exchange, June Brent crude, the global benchmark, tacked on 25 cents, or 0.5%, to end trading at $56.23 a barrel.

In its short-term energy outlook report issued on Tuesday, the Energy Information Administration forecasted record domestic crude oil production for 2018 and cut its price outlook for futures through next year.

The American Petroleum Institute’s weekly petroleum stockpile report is due late Tuesday. The EIA will reveal its report early Wednesday. In addition, OPEC’s monthly oil report is due Wednesday in Vienna. An inventory tally will be part of OPEC’s report.

Analysts surveyed by S&P Global Platts expect an increase of 125,000 barrels in last week’s crude inventories.

Back on the New York Mercantile Exchange, May natural gas ended at $3.15 per million British thermal units, down 8.8 cents, or 2.7%.

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