Oil prices traded close to five-month highs on Tuesday after key Middle Eastern producers showed they continued to comply with output cuts under an OPEC-led deal that Iraq’s oil minister said could be extended or deepened.
A weaker U.S. dollar also lent support to dollar-denominated commodities such as oil, traders said.
Benchmark Brent crude futures were up 20 cents at $55.68 a barrel by 1200 GMT, not far off a five-month high of $55.99.
U.S. West Texas Intermediate (WTI) crude futures were up 35 cents at $50.26.
Sentiment has been buoyed since last week when the...