Investing.com - Crude prices settled higher in the U.S. on Tuesday as traders see early signs that a coordinated effort to trim nearly 1.8 million barrels-per-day from global markets in the first half of 2017 is on track.
Later Tuesday, the American Petroleum Institute (API) will release its estimates of crude and refined product stocks in the U.S. at the end of last week, which will be followed on Wednesday by official figures from the U.S. Department of Energy. Analysts forecast a 3.063 million barrels crude build for the Department of Energy data.
On the New York Mercantile Exchange, crude oil for delivery in March gained 0.34% to $52.81 a barrel, while on the Intercontinental Exchange in London, Brent oil for March delivery rose 0.85% to $55.70 a barrel. Markets in China and Hong Kong were shut for the Lunar New Year holidays.
Investors were also keeping an eye on central bank policy reviews in the U.S. on Wednesday and the U.K. slated this week that could set the tone on demand prospects. The Bank of Japan on Tuesday raised its growth forecast to 1.4% in the year ending March 31, from 1%, while holding policy steady.
A deal by OPEC and non-OPEC member countries such as Russia to reduce output has supported prices globally above $50 a barrel. As well, the International Energy Agency (IEA) has forecast continued demand growth by leading importers in emerging economies in Asia such as China and India.