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Oil heads for back-to-back gains as traders focus on signs of supply crunch

March 12, 2019

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Crude-oil prices Tuesday morning were trading near two-week highs, bolstered by tightening Venezuelan supplies and signs that OPEC would continue cutting output into the second half of the year.

Gains for the commodity come after marking their highest settlement so far in March, finding support following reports that Saudi Arabia planned to extend efforts to reduce crude exports.

April West Texas Intermediate crude CLJ9, +0.46% rose 46 cents, or 0.8%, to $57.24 a barrel on the New York Mercantile Exchange on Tuesday, which put the contract on pace for its highest close since a $57.26 settlement on Feb. 22 for the most-active contact. Global benchmark May Brent crude LCOK9, +0.51% gained 54 cents, or 0.8%, to $67.11 a barrel on ICE Futures Europe, also near its highest close in about two weeks.

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