Investing.com - Oil prices continued higher on Tuesday, extending gains into a seventh session as investors continued to cheer signs that the global market was starting to rebalance.
The U.S. West Texas Intermediate crude September contract was at $50.27 a barrel by 3:05AM ET (0705GMT), up 10 cents, or around 0.2%. It touched its highest since May 25 at $50.41 in the prior session.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 5 cents to $52.77 a barrel, after climbing to a more than two-month high of $52.90 a day earlier.
Oil prices finished higher for the sixth session in a row on Monday, closing out July with the biggest monthly percentage gain since April 2016.
The U.S. benchmark advanced around 9% last month, while Brent notched a monthly gain of roughly 10%.
Sentiment has been boosted amid fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output
Prices got an additional lift from declining U.S. oil inventories and signs of a possible slowdown in U.S. shale production.
Weekly data from the U.S. on stockpiles of crude is expected to show another decline. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.9 million barrels.
Elsewhere on Nymex, gasoline futures for September was up less than half a cent at $1.679 a gallon, while September heating oil added 0.3 cents to $1.670 a gallon.
Natural gas futures for September delivery rose 3.4 cents, or 1.2%, to $2.828 per million British thermal units, bouncing back from a loss of around 5% on Monday.