Crude prices surged to a six-week high on Tuesday after OPEC's statements about the members' commitment to cut output, while opening the door for more producers to join in the deal in order to achieve balance in the markets.
U.S. crude futures last traded at $54.60 a barrel, up from the opening of $53.54, with an intraday high at $55.00, and a low at $53.54.
OPEC's general secretary Muhammad Barkindo said that January data showed the producers' commitment to cut output, after enforcing 90% of the agreed upon cuts, stabilizing prices.
Barkindo also said that other countries could join in the deal to cut output to achieve global balance and underpin prices even as U.S. production increases.
Markets now await later U.S. crude inventory data, which could impact prices after today's surge and trigger profit-taking.