Oil prices extend recent gains, hint at fresh 3-year highs

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Oil prices rose on Tuesday, extending gains from a strong start to the week and on track for fresh three-year highs, as investors awaited an update on U.S. supply.

February West Texas Intermediate crude












CLG8, +0.73%










 crude was recently up 44 cents, or 0.7%, at $62.16 a barrel, while March Brent












LCOH8, +0.50%










rose 36 cents, or 0.5%, to $68.14.

Prices for both contracts soared to the highest levels since December 2014 on Thursday, and WTI and Brent scored weekly gains of 1.7% and 1.1%, respectively. A string of weekly drops in crude supplies and concerns over unrest in Iran have been drivers for that rally. A weekly decline in the number of U.S. drilling rigs led both contracts to a higher close on Monday.

The stream of weekly data on U.S. supply will begin on Tuesday with a release from the American Petroleum Institute, which is followed by Wednesday’s Energy Information Administration report. Analysts surveyed by S&P Global Platts predict oil stockpiles fell 3.5 million barrels last week. That’s as oil production hit record highs the past month.

Among other energy contracts, February heating oil












HOG8, +0.32%










 rose 0.4% to $2.053 a gallon, while February gasoline












RBG8, +0.62%










 climbed 0.5% to $1.8015 a gallon.

February natural gas












NGG18, +1.38%










 added 0.6% to $2.852 per million British thermal units.

— Biman Mukherji contributed to this report



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