Investing.com - Crude oil prices rebounded on Tuesday, supported by news global oil demand should outpace production and as traders awaited this week's U.S. supply data.
The U.S. West Texas Intermediate crude April contract was up 20 cents or about 0.30% at $62.76 a barrel by 10:00 a.m. ET (14:00 GMT), the highest since February 28.
Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London gained 25 cents or about 0.40% to $65.80 a barrel, also the highest since February 28.
Market participants were eyeing the weekly report by the American Petroleum Institute on U.S. oil supplies due later Tuesday. Official data by the U.S. Energy Information Administration was expected on Wednesday.
Oil prices found support after the International Energy Agency said on Monday that global oil demand was expected to grow in the next five years, while output from producers in the Organization of the Petroleum Exporting Countries (OPEC) would rise at a much slower pace.
OPEC, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Priced initially retreated after the IEA upwardly revised U.S. oil output growth, saying the country would be producing a total of nearly 17 million barrels per day (bpd) in 2023.
U.S. crude oil production has already surpassed that of top exporter Saudi Arabia to 10.28 million bpd.
Rising U.S. output has weighed on oil prices in recent months amid fears it could dampen global efforts to rid the market of excess supplies.
Elsewhere, gasoline futures rose 0.23% to $1.937 a gallon, while natural gas futures rallied 1.22% to $2.737 per million British thermal units.