Story image for Investing from – Oil Tuesday extended gains after a pledge by Saudi Arabia to cut crude exports starting next month.
U.S. crude was up 75 cents, or 1.62%, at $47.09 at 08:00 ET. Brent added 78 cents, or 1.60%, to $49.38.
Saudi Energy Minister Khalid al-Falih made the pledge to curb exports at an OPEC-led producer meeting in Saint Petersburg on Monday.
OPEC and non-OPEC producers may extend an accord to curb output by 1.8 million barrels a day beyond March.
Al-Falih also urged adherents to the accord to boost compliance with the agreed cuts.
Nigeria, which has been exempt from the accord, may eventually join the agreement once it has restored its production levels.
Oil was also supported by remarks by U.S. oil services firm Halliburton (NYSE:HAL) that the U.S. rig count is “showing signs of plateauing.”
Baker Hughes Friday reported a fall of one in the U.S. oil rig count last week
The American Petroleum Institute is due to release its weekly stockpiles later in the session.