Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts. Brent crude settled up 41 cents, or 0.7 percent, at $62.86 a barrel while U.S. West Texas Intermediate crude ended 15 cents, or 0.3 percent, higher at $57.62 a barrel. "Demand remains firm which is the main reason for us to still see oil at above $60 per barrel.
Faster-than-expected growth in demand this year has given tailwind to OPEC's efforts to clear the glut and the latest U.S. inventory reports are likely to show a third straight weekly drop in crude stocks.
Analysts expect data from industry group American Petroleum Institute (API) and the government's Energy Information Administration (EIA) to show crude stocks fell 3.4 million barrels last week.
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